Godawari Power drops on board nod to merger of subsidiary with the company [Video]

Godawari Power and Ispat Ltd shares dropped more than 2% on Monday after the company announced that its board approved the merger of its wholly owned subsidiary Godawari Energy Ltd (GEL) with the parent entity.

In a stock exchange filing, the Godawari Power said that its Board of Directors considered and approved the amalgamation of the wholly owned subsidiary, Godawari Energy Ltd with Godawari Power and Ispat, with the company.

As the said amalgamation will be conducted between a wholly owned subsidiary and its parent holding company, there will be no shares issued or any consideration pursuant to the merger, the company informed the exchanges.

There will also be no need for a valuation report as there is going to be on change in shareholding pattern following the merger.

The company stated that Godawari Energy intended to set up a plant for the generation of power, and since Godawari power …