Godawari Power converts CCPS in Jammu Pigments, stake rises to 43.96%

Godawari Power and Ispat Limited (GPIL) has announced the conversion of Compulsorily Convertible Preference Shares (CCPS) in its associate company, Jammu Pigments Limited (JPL). This conversion resulted in GPIL acquiring an additional 58,92,256 equity shares of JPL, increasing its total equity holding to 85,69,762 shares. Consequently, GPIL's stake in JPL has risen to 43.96% of the paid-up share capital, without any further infusion of funds. The conversion was based on the terms of the CCPS issue, where each preference share was converted into one equity share of Rs 10/- each at a premium of Rs 287/- per share. JPL is engaged in the recycling of non-ferrous metals, including lead acid batteries and other secondary lead waste.