Godawari Power & Ispat to Acquire 51% Stake in Jammu Pigments Limited for Rs. 255 Crores

Godawari Power and Ispat Limited has approved the acquisition of up to 51% equity stake in Jammu Pigments Limited (JPL) for a consideration of Rs. 255 Crores. JPL is engaged in the Business of Recycling of Non-Ferrous Metals with operations covering recycling of Lead Acid Batteries and other Secondary Lead waste. The company and its subsidiaries are also equipped to process complex mixtures of Industrial waste of non-ferrous metals. JPL's advanced technical expertise enables the efficient extraction of trace metals from waste materials, ensuring highly cost-effective operations. JPL & its subsidiaries has manufacturing units located at Kathua district, Jammu & Kashmir and Kota, Rajasthan. The consolidated Revenue of JPL was Rs. 825.70 Crores, Rs. 1013.38 Crores and Rs 1173.78 Crores during Financial Year 2021-22, 2022-23 and 2023-24 respectively. Godawari Power & Ispat will acquire 51% stake in JPL on fully diluted basis by acquiring 58,92,256 Compulsory Convertible Preference Shares (CCPS) of Rs.10 each at a premium of Rs.287 per CCPS aggregating Rs.175 Crores which will get converted into equal number of Equity Shares any time after expiry of 6 months and additionally, GPIL will also acquire 26,77,507 Equity Shares at Rs 80.00 Crores from the Promoters of JPL.