The board of Godawari Power and Ispat in its meeting on 22 May 2012 has recommended final dividend at the rate of Rs 2.50 per share (25%).
The board has decided to issue and allot 50,00,000 equity warrants convertible into 50.00,000 equity shares of Rs 10 each on preferential basis to the promoters and/ or promoters' group, subject to the approval of the shareholders of the company at a price of Rs 130 per equity warrants or the price calculated as per the provisions of chapter VII of the Securities and Exchange Board of India Regulations 2009, whichever is higher. The holders of the said equity warrants shall have an option to convert the same into equity of the company on or before the expiry of 18 months from the date of allotment. The allotment of the said warrants shall be made within 15 days from the date of extraordinary general meeting, pursuant to the provisions of chapter VII of the Securities and Exchange Board of India Regulations 2009. The funds raised by preferential issue shall be used for ongoing capital expenditure of the company and its subsidiaries.