Godawari Power and Ispat Ltd (GPIL) notified the exchanges on November 19 that its wholly owned subsidiary, Godawari New Energy Private Ltd (GNEPL), has allotted 12,49,50,000 non-cumulative, optionally convertible, redeemable preference shares at a face value of ₹10 each.
The allotment, completed on November 18, totals ₹124.95 crore and follows GPIL’s earlier announcement on November 14 regarding the infusion of additional funds into the subsidiary.
The capital raised through this issuance will support capex and working capital requirements as GNEPL progresses with its 10 GWh Battery Energy Storage System plant. The shares were allotted on a rights basis to back the company’s long-term expansion strategy.
GPIL delivered a stable performance in the September quarter, reporting a net profit of ₹161 crore, marginally higher than ₹159 crore in the same period last year. Quarterly revenue rose 3.2 percent to ₹1,307 crore, compared with ₹1,267 crore a year ago, indicating steady demand for steel and pellets.
The company posted an EBITDA of ₹259.3 crore for the quarter, up 5.2 percent from ₹246.5 crore last year. Operating margins also improved slightly, increasing to 19.8 percent from 19.5 percent.
GPIL, an integrated secondary steel producer based in Raipur and part of the Hira Group, continues to leverage its fully integrated operations across mining, manufacturing, and power generation, supporting cost efficiency and reinforcing its position in the long steel and pellet markets.
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