Godawari Power & Ispat Limited has confirmed that there has been no deviation or variation in the utilization of proceeds from its recent preferential issue of fully convertible warrants. This statement covers the quarter ended June 30, 2026, and aligns with the objects detailed in earlier company notices and resolutions. The Audit Committee has reviewed and approved this confirmation, ensuring transparency in fund deployment.
No Deviation in Fund Utilization
Godawari Power & Ispat Limited (GPIL) has issued a confirmation regarding the utilization of funds raised through its preferential issue of Fully Convertible Warrants. In accordance with Regulation 32 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the company stated that there has been no deviation or variation in how the proceeds were used compared to the original objects. This statement pertains to the quarter that concluded on June 30, 2026.
Audit Committee Review
The company’s confirmation of nil deviation or variation has been duly reviewed by the Audit Committee. The preferential issue was based on the objects stated in the Explanatory Statement to the Notice dated September 18, 2025, and a Corrigendum to the Notice of the Extra-Ordinary General Meeting held on October 7, 2025. The meeting of the company’s shareholders was held on October 15, 2025.
Key Financial Data
The detailed statement indicates that the mode of fund raising was through a Preferential Issue, with funds raised on November 14, 2025, amounting to ₹175.23 crore. For the quarter ended June 30, 2026, the report confirms no deviation or variation in the use of funds raised. The monitoring agency for these funds is CARE Ratings Limited. In terms of specific objects, the ‘Project Funding’ had an original allocation of 200, with 0.22 utilized and 0 deviating/variating. The ‘Investment in BESS Project’ had an original allocation of 175, with 175 utilized and 0 deviating/variating. For ‘General Corporate Purposes’, the original allocation was 125, with 0 utilized and 0 deviating/variating. As of June 30, 2026, the total unutilised amount in Project Funding was ₹0.008 crore.
Additional Fund Raising Noted
The company also noted that during the quarter, it raised an additional ₹25.01 crore on April 20, 2026. Further fundraising activities included ₹25.22 crore on January 7, 2026, and ₹125 crore in the quarter ended December 31, 2025.
Source: BSE
