Godawari Power and Ispat Converts OCRPS to Equity in GNEPL, Expands Stake to Full Ownership

Godawari Power and Ispat Limited (GPIL) reported a restructuring move at its clean energy arm. The company converted preference shares into equity at Godawari New Energy Private Limited (GNEPL). GPIL said the change raised its stake without adding new cash. After the update, GPIL shares gained on the NSE.

On March 20, 2026, GPIL closed at Rs 262.00 on the NSE. The stock ended up 4.51% from the previous close. During the session, it rose as much as 6.78% intraday. The day’s high was Rs 267.90, while the low was Rs 252.55.

The company converted Rs 198.90 crore of preference shares into equity in GNEPL. The instruments were 0.1% Non-Cumulative Participating Optionally Convertible Redeemable Preference Shares (OCRPS). They were first allotted on November 18, 2025, and December 16, 2025. The conversion took effect on March 18, 2026.

Series I included 12.49 crore OCRPS, and Series II had 7.39 crore units. GNEPL issued an equal number of equity shares to GPIL. In total, 19.89 crore equity shares of Rs 10 each were allotted at par. The table shows the split by series.

OCRPS Series	Units converted (crore)	Equity shares allotted (crore)	Conversion date
Series I	12.49	12.49	March 18, 2026
Series II	7.39	7.39	March 18, 2026
Total	19.89	19.89	March 18, 2026

After the swap, GPIL’s equity holding in GNEPL rose to 30 crore shares. Earlier, GPIL held 10.11 crore equity shares. The revised holding equals 100% of GNEPL’s paid-up capital. GPIL said the step was non-cash, since it reclassified an earlier investment.

The deal counted as a related party transaction because GNEPL is a wholly owned subsidiary. GPIL stated the conversion was carried out at arm’s length. The company also said no promoter group interest existed in GNEPL beyond this link. The change was positioned as part of a clean energy effort.

Godawari Power and Ispat plans for Godawari New Energy battery storage

GNEPL focuses on Battery Energy Storage Systems (BESS). The unit was incorporated on June 25, 2025. It was in an early stage of building a 20 GWh battery energy storage facility. GNEPL’s registered office is in Raipur, Chhattisgarh, and operations were planned for Maharashtra.

As of December 31, 2025, GNEPL reported a net worth of Rs 101.10 crore. The company also reported no turnover at that date. GPIL, founded in 1999, is an integrated steel company in Raipur. It is listed on the NSE and BSE, and is part of the Hira Group.