Godawari Power And Ispat limited — JV/Acquisition, 22-11-2024: Acquisition

Godawari Power and Ispat Limited has completed the acquisition of a 49% stake in Jammu Pigments Limited (JPL) on a fully diluted basis. The company invested ₹175.32 crore through the issuance of 58,92,256 Compulsory Convertible Preference Shares (CCPS) at a premium, alongside acquiring 23,41,437 equity shares from promoter M. Ramesh Kumar Agarwal for ₹69.54 crore. This strategic move aims to strengthen Godawari’s position in the market, enhance operational capabilities, and tap into JPL's business synergies, potentially leading to increased shareholder value.