Godawari Power -; Ispat increases stake in Hira Ferro Alloys to 75.66%

22 Mar 2022 , 11:16 AM

Godawari Power & Ispat Limited has signed a Share Purchase Agreement with Hira infraTek Limited (HITL) on March 21, 2022 to acquire 44,54,621 equity shares of Hira Ferro Alloys Limited (HFAL) from HITL at a price of Rs224/-per share.

Subsequent to acquisition of these 44,54,621 equity shares of HFAL from HITL, the GPIL’s holding in HFAL shall increase from 56.45% to 75.66% of the paid-up capital of HFAL.

HFAL is engaged in the business of manufacturing Ferro Alloys for more than three decades. The turnover of the company in 2018-19, 2019-20 and 2020-21 has been Rs266.66 crore, Rs301.77 crore and Rs314.46 crore respectively.

The Company has achieved sales turnover of Rs443.60 crore and net profit of Rs91.80 crore during 9 months ended December 31, 2021. The Company is having its operations in Raipur, Chhattisgarh only.

At around 11:22 AM, Godawari Power & Ispat was trading at Rs379.10 apiece up by Rs0.45 or 0.12% on Sensex.