Financial Wire

Godawari Power & Ispat Subscribes to INR500 Million Rights Issue in Energy Unit

-- Godawari Power & Ispat (NSE:GPIL, BOM:532734) said its wholly owned subsidiary, Godawari New Energy has allotted equity shares worth 500 million Indian rupees to the company, under a rights issue, according to a Wednesday filing on Indian bourses.

Shares of the company fell over 1% in Thursday's trade.

The company received 50 million shares at 10 rupees each, taking its total investment in the subsidiary to 3.50 billion rupees, the filing said.

The funds will be used by Godawari New Energy for capex and working capital requirements related to setting up a battery energy storage system plant, it added.

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Godawari Power & Ispat Subscribes to INR500 Million Rights Issue in Energy Unit | Financial Wire