Team News Riveting
Raipur, December 15
Godawari Power and Ispat Limited (GPIL) has acquired further nine lakh shares of Hira Ferro Alloys Limited (a subsidiary company).
“We would like to inform you that 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 trench of 9,00,000 equity shares at a price of Rs. 195/- per share,” the company said in a regulatory filing today.
Subsequent to allotment of these 9,00,000 equity shares of HFAL, the GPIL’s holding in HFAL has been increased from 54.70 per cent to 56.45 per cent in the enhanced capital of HFAL with effect from December 14, 2021, it added.
The objective of the acquisition is to part finance the ongoing 70 MW Solar Power but not limited to, disclosure of reasons for Captive Plant of HFAL. Consequent upon said acquisition of target entity, if its business is acquisition GPIL holding increased (56.45 per cent) outside the main line of business of the listed enhanced equity of HFAL.
The HFAL has offered 36.00 lakh shares to GPIL at acquisition; a Price of Rs 195/- per shares for One Year from Shareholders Approval (i.e. upto 17th September, 2022) and GPIL has already been subscribed 36.00
lakh shares as on date including this acquisition.
GPIL is already holding 1,21,91,000 equity shares of acquired and/or number of shares acquired; HFAL (54.70 per cent). Consequent upon further acquisition of 9,00,000 equity shares, GPIL’s holding in HFAL (1,30,91,000 Shares) increased to 56.45 per cent of enhanced paid up equity share capital of HFAL.
HFAL was incorporated on 31.12.1984 and is in the business of manufacturing Ferro Alloys for more than three decades.
