Godawari Power to complete fund raising in 3 months

Godawari Power and Ispat's proposed plan to raise Rs 210 crore would be complete in three months, according to the company's executive-finance, Govind Jaju.

"We are currently mulling various options, and we expect to complete the fund raising in three months," he said.

The company late Tuesday said it plans to raise funds via either equity or debt, including foreign currency convertible bonds, American Depository Receipts, Global Depository Receipts, or qualified institutional placement of equity shares.

"Of the Rs 210 crore, up to Rs 140 crore will be used in setting up a greenfield 0.6 million tonne per annum peliatisation plant in Raipur, and the balance in other infrastructure development for peliatisation," Jaju said.

The peliatisation plant is expected to be completed in 18-24 months, he said.

The company does not plan to raise any more funds in the current financial year that ends in March, Jaju said.

Shares of Godawari Power today closed at Rs 271.85 on the National Stock Exchange, up 2.5 per cent over Tuesday.