Godawari Power approves strategic investment in Deccan Gold Mines

Godawari Power and Ispat Limited (GPIL) announced on December 4, 2025, that its board approved an investment in Deccan Gold Mines Ltd (DGML) by acting as a specific investor in DGML's proposed rights issue. GPIL will subscribe to any unsubscribed portion of the rights issue to ensure at least 90% of the total issue size is subscribed. The investment in DGML equity shares will be at a price of Rs 80 per share, including a premium of Rs 79.

GPIL reserves the right to subscribe to 100% of the unsubscribed portion, provided its and its group companies' shareholding in DGML does not exceed 25% of the post-issue paid-up and voting share capital. While the acquisition does not fall under related party transactions, Hira Infra-tek Limited, a GPIL promoter group company, already holds 9.65% equity in DGML and a 26% stake in Avelum Partners, a DGML subsidiary.

DGML, incorporated on November 29, 1984, is India's first publicly listed gold mining company, engaged in gold and critical mineral mining and exploration across multiple countries. The acquisition aims to increase GPIL's holding in DGML, believing it will be value accretive. The completion of this cash consideration acquisition is targeted on or before December 31, 2025. DGML’s turnover for FY 2024-25 was Rs 52.83 lakhs, FY 2023-24 was Nil, and FY 2022-23 was Rs 32.54 lakhs.