New Delhi, March 20 -- Godawari Power and Ispat share price jumped over 6% on Friday after the company announced an increase in investment in its wholly owned subsidiary, Godawari New Energy Private Limited, following the conversion of preference shares into equity. Godawari Power share price rallied as much as 6.77% to Rs.267.85 apiece on the BSE.

Godawari Power and Ispat said it received intimation from its wholly-owned subsidiary Godawari New Energy Private Limited (GNEPL) regarding the allotment of 19.89 crore equity shares of Rs.10 each upon conversion of 0.1% non-cumulative participating optionally convertible redeemable preference shares (OCRPS).

The conversion pertains to two tranches of preference shares originally issued in No...