Godawari Power & Ispat Limited (BSE:532734) agreed to acquire remaining 66.03% stake in Jagdamba Power and Alloys Limited from Amit Agarwal, Alok Agarwal and Sagar Energy & Steel Limited for INR 1.2 billion on February 19, 2018. Godawari Power & Ispat Limited will issue 45 shares against every share 100 shares of Jagdamba Power and Alloys Limited. Godawari Power & Ispat currently holds 2.6 million shares of Jagdamba Power and Alloys. For the year ended March 31, 2017, Jagdamba Power and Alloys reported net loss of INR 1.3 million and total assets of INR 1 billion. The proposed scheme is subject to the approval of stock exchanges, shareholders of the both companies and their respective lenders/creditors and the National Company Law Tribunal and all other applicable statutory authorities. The transaction is approved unanimously by the Board of Directors of Godawari Power & Ispat Limited and Jagdamba Power and Alloys on February 19, 2018. On January 22, 2019, shareholders of Jagdamba Power and Alloys Limited voted against the deal in view of the significant fall in the market price of equity shares of Godawari Power & Ispat. Equirus Capital Private Limited acted as fairness opinion provider for Godawari Power & Ispat.