Godawari Power & Ispat Limited secured shareholder approval to grant an unsecured loan of up to ₹150 crore to its subsidiary, Godawari Education and Research Foundation (GERF), and revised remuneration for three Whole-Time Directors during its Extra-Ordinary General Meeting (EGM) held on June 27, 2026. The resolutions were passed via remote e-voting and e-voting during the meeting, which was conducted through video conferencing. The financial support to GERF is intended for setting up a Residential School in Raipur, while the revised compensation packages for key executives are effective from July 01, 2026.

The meeting was chaired by Mr. Bajrang Lal Agrawal, Chairman cum Managing Director, though Mr. Vinod Pillai, Director, presided over the resolutions regarding remuneration due to the Chairman's interest in those items. CS Brajesh R. Agrawal of B. R. Agrawal & Associates served as the scrutinizer for the electronic voting process. The voting period for remote e-voting was open from June 24 to June 26, 2026, with the cut-off date for shareholding entitlement set as June 20, 2026.

Voting Results

Shareholders considered four special business items, all of which were passed with the requisite majority. The approval for the loan to GERF received 89.623% votes in favor, while the resolutions regarding the revision in remuneration for the directors received overwhelming support.

Resolution Summary

The detailed scrutinizer's report confirms that the resolutions specified in the notice dated May 27, 2026, have been duly passed. Mr. Yarra Chandra Rao, Company Secretary & Compliance Officer, managed the proceedings and will maintain the register of assent or dissent. The approvals were granted under the provisions of Section 185 of the Companies Act, 2013, regarding loans to subsidiaries, and relevant sections concerning director remuneration.

Godawari Power & Ispat has increased its ownership stake in associate company Jammu Pigments to 43.96% following the conversion of Compulsorily Convertible Preference Shares (CCPS) into equity shares. The transaction, completed on June 29, 2026, involved the allotment of 58,92,256 equity shares without any further infusion of funds, consolidating the company's position as a significant shareholder in the non-ferrous metal recycling entity.

CCPS Conversion Details

The stake increase was effected through the conversion of 58,92,256 CCPS into an equal number of equity shares of Rs 10 each at a premium of Rs 287 per share. This conversion transformed the preference shareholding into direct equity ownership, raising Godawari Power & Ispat's total holding in Jammu Pigments from 26,77,506 shares to 85,69,762 shares. The total cost of the initial investment in CCPS was Rs 175 crore.

Impact on Ownership Structure

With the completion of this conversion, Godawari Power & Ispat now holds 43.96% of the paid-up share capital of Jammu Pigments, which totals 1,94,96,456 equity shares. Jammu Pigments is engaged in the business of recycling non-ferrous metals, including lead acid batteries and industrial waste, with manufacturing units located in Kathua (Jammu & Kashmir) and Kota (Rajasthan). The investment is classified as a related party transaction as Jammu Pigments is an associate company.

Financial Performance of Jammu Pigments

Jammu Pigments has reported a steady financial performance over the last three years. The company recorded a turnover of Rs 877.89 crore in the financial year 2025-26, compared to Rs 642.50 crore in the previous year. Profit after tax (PAT) for the same period stood at Rs 33.26 crore, while net worth increased to Rs 156.49 crore.