Godawari Power And Ispat Ltd increases stake in Hira Ferro Alloys Ltd to 56.45%

Pursuant to the decision of the Board of Directors of Godawari Power And Ispat Limited (GPIL) in its meeting held on 27.07.2021, the GPIL has subscribed to the Preferential Offer made by Hira Ferro Alloys Limited (HFAL) for the fourth and Last tranche of 9,00,000 equity shares at a price of Rs. 195/- per share. Subsequent to allotment of these 9,00,000 equity shares of HFAL, the GPIL's holding in HFAL has been increased from 54.70% to 56.45% in the enhanced capital of HFAL wef 14th December, 2021.

HFAL was incorporated on 31.12.1984 and is engaged in the business of manufacturing Ferro Alloys for more than three decades. The turnover of the company in 2018-19, 2019-20 and 2020-21 has been Rs. 266.66 Crores, Rs. 301.77 Crores and Rs.314.46 Crores respectively. The Company is having its operations in Raipur, Chhattisgarh only.

The funds will be used to part finance the ongoing 70 MW Solar Power Captive Plant of HFAL.

Source : Equity Bulls

Keywords

GodawariPowerandIspat GPIL StakeIncrease HiraFerroAlloys