Godawari Power and Ispat has received an approval to sell iron ore Pelletisatinn Plant with an installed capacity of 1.2 million tonnes per annum at an estimated cost of project of Rs 350 crore approximately at the company's existing plant location at Siltara, Raipur (Chhattisgarh). The company has received an approval at its board meeting held on May 22, 2011.
The company has also received an approval for fund raising plans to the extent of Rs 350 crore for meeting the fund requirement of the company for funding the above project, normal capital expenditure and general corporate purpose through rupee / foreign currency term loans, issue of shares / convertible instruments in one or more tranches through placement to Qualified Institutional Buyers (QIPs) / Global Depository Receipts (GDRs) / Foreign Currency Convertible Bonds (FCCBs) etc.
The company has also received the approval for raising further funds for company’s subsidiary Godawari Energy, for meeting its immediate requirements by issue of 1,12,00,000 equity shares of Rs 10 each at a premium of Rs 5 per share to the promoters or their relatives, associates or group companies subject to the maximum dilution of 49%.
Further, the company has approved the proposal for seeking approval of the shareholders under section 372A of the Companies Act, 1956 for enhancing the limits from Rs 500 crore to Rs 1000 crore for making inter-corporate investments, giving loans and guarantees and providing securities.
Godawari Power and Ispat is engaged in the production of sponge iron, steel billets, ferro alloys, HB wires, oxygen, fly ash bricks and is also in the power business.
| Company Name | CMP |
|---|---|
| Tata Steel | 212.90 |
| JSW Steel | 1274.20 |
| SAIL | 177.10 |
| Jindal Stainless | 791.85 |
| APL Apollo Tubes | 2118.15 |
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