Godawari Power and Ispat Limited (Godawari) has subscribed to 50 million equity shares of Godawari New Energy Private Limited (GNEPL) at par on a rights basis, aggregating Rs 500 million.
Following the allotment, GPIL’s total investment in its wholly owned subsidiary has increased to Rs 3.5 billion. The funds will be used by GNEPL towards capex and working capital requirements for setting up the first phase of a 20 GWh battery energy storage system plant.