Godawari Power and Ispat Limited (GPIL) has taken a noteworthy step by releasing a pledge on over 30 lakh equity shares of Prakash Industries Limited (PIL). The act of “releasing pledge shares” signifies the company’s effort to regain full ownership and control of these shares, previously used as collateral for financial obligations.
In an official filing dated August 31, 2023, GPIL informed the stock exchanges of this development, stating, “In continuation of our earlier disclosures on the captioned subject we would like to inform you that Godawari Power and Ispat Limited has released a pledge on 30,45,800 (1.70 per cent) Equity Shares of Prakash Industries Limited held by the below-mentioned Pledgers on 30.08.2023.”
The list of pledgers and the corresponding number of Prakash Industries shares include:
- Rourkela Steel LLP (490,600 shares)
- Hissar Tubes Pvt Ltd (700,000 shares)
- Essential Electronics Pvt Ltd (597,300 shares)
- Vanshi Farms Pvt Ltd (567,900 shares)
- Prakash Industrial Finance Ltd (690,000 shares)
This move follows GPIL’s earlier release of a pledge on 10 lakh shares of Prakash Industries in June of the same year. In a prior disclosure, GPIL had mentioned, “We would like to inform you that out of the above, the pledge on 10,15,000 (0.57 per cent) Equity Shares of Prakash Industries Limited has been released by the Company on 21.06.2023.”
The release of these pledged shares is indicative of GPIL’s commitment to financial restructuring and signifies a positive step in its financial journey. It demonstrates the company’s ability to meet its financial obligations and regain control over its assets.
