Godawari Power and Ispat to sell its stake in Godawari Green Energy for Rs665 crore

21 Feb 2022 , 09:27 AM

The Board of Directors of Godawari Power and Ispat Ltd (GPIL) has approved the proposal for divestment of its entire shareholding in Godawari Green Energy Limited (“GGEL”) a Material Subsidiary, comprising of: (i) 2,52,34,920 Equity Shares of Rs. 10/- each fully-paid held by GPIL, and (ii) 12,080 equity shares of Rs. 10/- each fully paid to be acquired by GPIL from other shareholder of GGEL, by way of sale / transfer to Virescent Renewable Energy Trust, an Infrastructure Investment Trust represented and acting through its investment manager, Virescent Infrastructure Investment Manager Private Limited (‘Buyer’) on such terms and conditions as may be mutually agreed between the Company and the Buyer at an enterprise value of Rs665 crore towards equity, repayment of outstanding loan and other adjustments determined as per Balance Sheet as on December 31, 2021 in accordance with the agreement with the Buyer.

The Board has also approved the proposal for convening and holding of Extra-Ordinary General Meeting (EGM) of the shareholders of Company for divestment of equity shares in GGEL, said Company in a regulatory filing.

At around 9:28 AM, Godawari Power & Ispat was trading at Rs308.50 apiece up by Rs8.2 or 2.73% on Sensex.