Shares of KPI Green Energy Ltd hit 5% upper circuit on 6 June after the company announced receiving solar power projects from multiple entities.

The company has obtained two new orders for solar power projects totalling 26.15 megawatts (MW). Its wholly-owned subsidiary, Sun Drops Energia Private Limited, will develop the projects.

The projects must be completed in multiple phases during the course of the 2024–2025 fiscal year.

The company’s board of directors authorised a plan in May to raise up to Rs 1,000 crore through the qualified institutional placement of shares.

In its regulatory filing, the company said, “raising of funds through the issuance of equity shares or any other equity-linked securities or other securities convertible into or exchangeable for shares by way of QIPs (including one or more qualified institutional placements in tranches) in one or more of the tranches for an aggregate amount up to Rs 1,000 crore.”

On 30 April, the company secured new orders for solar power projects totalling 74.3 MW. 

At 3:30 pm, the shares of KPI Green Energy closed 5% higher at Rs 1,766.60 on NSE.