Hira Ferro Alloys

22 February 2023

• Hira Ferro Alloys Ltd. (HFAL) is a leading domestic manufacturer of Ferro Alloys, Power, Briquette and Fly Ash Bricks. It operates through the Ferro alloys, Power, and Trading of Goods segment.
• The company offers manganese-based ferroalloys, which are used in steel-making and refining activities. It is also involved in the generation of electricity. 
• Godawari Power & Ispat Limited, the promoter (48.45%) signed a share purchase agreement to acquire an additional 19.2% stake in the company from HIRA Infra-Tek Limited for ₹ 99.78 Cr on 21st March 2022. 
  

The company has notified about the EGM (Extra-Ordinary General Meeting) to be held on Monday, March 20, 2023, at 11.30 A.M. at the Corporate office of the Company on the Second Floor, Hira Arcade, Near the New Bus Stand, Pandri, Raipur, Chhattisgarh -492004 to consider and transact the following business:

1. Proposed issuance & allotment of upto 11,00,00,000 Optionally Convertible Cumulative Redeemable Participating Preference Shares ('OCCRPPS') of the Company of the face value of ₹ 10 each at an issue price of ₹ 10 per share amounting up to ₹ 110 Cr. to Godawari Power and Ispat Limited (Holding Company) in one or more tranches, on a preferential basis for cash and in such form and manner and upon such terms and conditions as the Board may in its absolute discretion deem appropriate.
2. Increase the Authorised Share Capital of the Company from ₹ 23,60,00,000/- (Rupees Twenty-Three Crores Sixty Lacs Only) to ₹ 1,33,60,00,000/- (Rupees One Hundred Thirty-Three Crores Sixty Lacs only) by the creation of additional 11,00,00,000 Preference Shares of ₹10 (Rupees Ten Only) each.
3. Alteration in the MEMORANDUM OF ASSOCIATION (MoA).