Godawari Power & Ispat Limited board approves stock split, 1:1 bonus issue

The Board of Directors of Godawari Power & Ispat Limited ("the Company") in their meeting held today i.e., 14th September 2021 have approved the proposal for sub-division of equity share of face value of Rs. 10 each of the Company into 2 equity shares of Rs.5 each, subject to approval of the Shareholders of the Company.

The rationale behind the stock split is to improve the Liquidity of the Company's Share on the Stock Market and also to facilitate small investors to deal in the shares.

In order to further improve the liquidity in shares of Godawari Power & Ispat Limited and larger participation in equity shares of the Company by public shareholders and reward the long term shareholders of the company, it has been decided to issue bonus shares in the ratio of 1:1 by capitalizing the free reserves after the proposal for split of the shares is approved by the Shareholders of the company.

In order to accommodate the proposed issue of Bonus Shares, it has been decided to increase the Authorised Equity Share Capital of the company from existing Rs.49.80 Crores to Rs.70.80 Crores by creation of additional 2.1 Crore Equity Shares of Rs. l0 each (4.2 Crores Equity Shares of Rs.5 each post Sub-Division) subject to approval of the Shareholders of the Company.

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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