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Godawari Power & Ispat Ltd withdraws stake sale in Godawari Green Energy Limited

Posted On: 2021-09-14 06:21:41 (Time Zone: UTC)

The Board of Directors of the Company in its meeting held on 01.05.2021 had approved proposal for divestment its entire shareholdings in GGEL, subject to approval of the shareholders of the Company, being a non core business and utilize the proceeds towards repayments of its outstanding debts. Subsequently, the proposal was also approved by the shareholders of the Company in their meeting held on 12.06.2021. However, before the deal could be finalized for sale of investments with any prospective buyers, the outstanding long-term debts of the Company have been fully repaid out of internal accruals due to improved financial position of the Company, led by increase in operating margins with increase in pellet prices in global markets.

Moreover, the Company is generating sufficient funds from internal accruals to meet the near-term funds requirement for proposed CAPEX and working capital. GGEL is generating around 12% return on investment, made by the Company and looking at no major investment opportunity at reasonable return on investment and pending feasibility study of the proposed expansion in steel business, it is considered appropriate to withdraw the proposal for disinvestment of equity stake held by the Company in GGEL.

The board approved the proposal for purchase 56 Lac equity shares of Godawari Green Energy Limited (GGEL) comprising of 22.18% of fully diluted equity capital of GGEL from external Investors at price of Rs. 102 per share. The consideration is based on fair valuation of shares done by SEBI registered investment bank. Consequent upon said purchase of 56 lac equity shares, GGEL shall become wholly owned subsidiary of GPIL. The transaction is expected to be completed within 60 days.

Shares of GODAWARI POWER AND ISPAT LTD. was last trading in BSE at Rs. 1209.45 as compared to the previous close of Rs. 1151.9. The total number of shares traded during the day was 964 in over 40 trades.

The stock hit an intraday high of Rs. 1209.45 and intraday low of 1209.45. The net turnover during the day was Rs. 1165909.

Source: Equity Bulls

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