Godawari Power and Ispat soars ~3% after three promoters acquire total 25 lakhs equity shares

Kanika Agrawal, Madhu Agrawal, and Reena Agrawal (Acquirer), part of Promoter Group of Godawari Power and Ispat Limited (GPIL), have acquired 25 lakh equity shares on July 1, 2021, which constitutes 7.09% of the total paid capital of Rs.35,23,62,470 divided into 3,52,36,247 equity shares of Rs10 each fully paid from our immediate relatives who also belongs to promoter group through Inter-se transfer (Off-Market Transaction) amongst promoters and promoters group of GPIL.

The company had informed on Tuesday that it has become Debt Free by repaying all its Long-Term loans as on date. The company’s standalone long-term outstanding debt of Rs1369cr standing as on March 31, 2017 which was scheduled to be repaid by FY2032, was brought down to Rs457cr as on March 31, 2021 by substantial repayment of debt during last financial year from internal accruals, with improvement in financial performance of the company.

The balance outstanding debt of Rs457cr has been fully repaid by the company during the current year out of internal accruals. On consolidated basis the Long-Term outstanding debt is Rs340cr, as on date, which is exclusively relating to Solar Power Project in Godawari Green Energy Limited, which continues to be repaid out of cash flow of solar project. As on the date the instalments of solar power project term loan are repaid up-to October 31, 2022.

At around 11.47 AM, Godawari Power & Ispat Ltd was trading at Rs1,483.10 per piece up by Rs40.6 or 2.81% from its previous closing of Rs1,442.50 per piece on the BSE.

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( With inputs from indiainfoline)