Godawari Power raises stake in Jammu Pigments to 43.96%

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.

Parameter	Details
Target Company	Jammu Pigments
Shares Converted	58,92,256 equity shares
Revised Shareholding	85,69,762 equity shares
Percentage Stake	43.96%
Date of Allotment	June 29, 2026

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.

Financial Year	Turnover (Rs in crore)	PAT (Rs in crore)	Net Worth (Rs in crore)
2023-24	592.30	22.55	128.66
2024-25	642.50	14.69	123.30
2025-26	877.89	33.26	156.49

1 Day	5 Days	1 Month	6 Months	1 Year	5 Years
-0.41%	-6.31%	-11.61%	-3.39%	+34.43%	+288.76%

Kumar Agrawal, a member of the promoter group of Godawari Power and Ispat Limited , acquired 150,000 equity shares via transmission on June 23, 2026. The shares were transmitted from Late Mrs Madhu Agrawal, increasing Agrawal's direct holding in the company. This disclosure was made in compliance with Regulation 10(6) of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, which provides an exemption for acquisitions by way of transmission, succession, or inheritance under Regulation 10(1)(g).

Following the transmission, Agrawal holds 22,341,055 equity shares carrying voting rights, which constitutes 3.32% of the company's total paid-up capital. The total paid-up equity share capital of Godawari Power and Ispat Limited remains at 673,097,430 equity shares of Re 1/- each. The acquisition was executed off-market through the transmission process.

Shareholding Details

The table below outlines the changes in Kumar Agrawal's shareholding pre- and post-transmission:

Description	Pre-Transmission	Post-Transmission
Shares carrying voting rights	22,191,055 (3.30%)	22,341,055 (3.32%)
Convertible Warrants	2,204,200	2,204,200
Total (assuming full conversion)	24,395,255 (3.52%)	24,545,255 (3.54%)

Promoter Group Holding

The disclosure confirmed that there is no change in the total promoter group shareholding before and after the transmission. The aggregate promoter group holding remains at 425,255,795 equity shares, accounting for 63.18% of the total paid-up capital of 673,097,430 equity shares of Re 1/- each. Other members of the promoter group include Vinay Agrawal, Bajrang Lal Agrawal HUF, and Hira Infra Tek Limited, among others.