Godawari Power & Ispat increases stake in Hira Ferro Alloys Ltd to 75.66%

Godawari Power & Ispat Limited has signed a Share Purchase Agreement with Hira infraTek Limited (HITL) on 2lst March, 2022 to acquire 44,54,621 equity shares of Hira Ferro Alloys Limited (HFAL) from HITL at a price of Rs. 224/-per share.

Subsequent to acquisition of these 44,54,621 equity shares of HFAL from HITL, the GPIL's holding in HFAL shall increase from 56.45% to 75.66% of the paid-up capital of HFAL.

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 has achieved sales turnover of Rs. 443.60 crores and net profit of Rs. 91.80 Crores during 9 months ended 31st Dec. 2021. The Company is having its operations in Raipur, Chhattisgarh only.

Source : Equity Bulls

Keywords

GPIL GodawariPowerandIspat SharePurchase HiraFerroAlloys StakeIncrease