Godawari Power and Ispat reports Rs 40-cr net loss for Dec qtr

Godawari Power and Ispat Ltd today reported a net loss of Rs 39.89 crore for the quarter ended December 2015.
The company had posted a net profit of Rs 7 crore in the year-ago period, it said in a BSE filing.
The firm's total income from operations reduced to Rs 438.56 crore, from Rs 564.44 crore in corresponding period.
In a separate filing, the company said its board has decided to sell the investments of the company held in its subsidiaries to raise funds to meet business requirements.
The board "has decided to sell... Up to 49,00,000 optionally convertible cumulative preference shares of Rs 100 each of Godawari Green Energy Ltd (a subsidiary company) at a price of Rs 100 per share to Hira Ferro Alloys or to any person within the promoter group or to any other group company."

The board has also "decided to sell...Up to 10 per cent of its shareholding in Hira Ferro Alloys Ltd (a subsidiary company) at any price not less than fair value or Rs 32 per share (the Exit Offer price determined at the time of delisting of the shares of Hira Ferro Alloys Ltd) to any of the promoters or to their relatives, associates or friends.