Refex Green Mobility Ltd and Gensol Engineering Ltd provide update on Proposed Asset Takeover

Refex Green Mobility Limited (RGML) and Gensol Engineering Limited (Gensol) wish to address recent media speculation regarding the proposed sale of 2,997 electric vehicle (EV) assets by Gensol to RGML.

The companies had entered into a tie up for the take over of assets, subject to necessary regulatory and financial approvals, as well as the completion of due diligence. The terms of the transaction had been mutually agreed upon, and a comprehensive evaluation is currently underway, covering financial, legal, and operational aspects. Gensol has been fully cooperative in supporting this review process by providing all required documentation and clarifications. Additionally, companies are awaiting financial and regulatory approvals to proceed with the transaction.

Contrary to speculative reports, the transaction has not yet been concluded. Until completion, the EV assets remain the property of Gensol and continue to operate on the BluSmart platform.

Both RGML and Gensol remain committed to ensuring complete transparency, regulatory compliance, and strategic alignment throughout the process.

We appreciate the continued support and interest of all stakeholders and reiterate our shared commitment to responsible operations and long-term value creation.

Shares of Gensol Engineering Ltd was last trading in BSE at Rs. 214.80 as compared to the previous close of Rs. 226.10. The total number of shares traded during the day was 203997 in over 1173 trades.

The stock hit an intraday high of Rs. 221.60 and intraday low of 214.80. The net turnover during the day was Rs. 43857774.00.

Source : Equity Bulls

Keywords

GensolEngineering INE06H201014 RefexIndustries RefexGreenMobility Update AssetTakeover