India, March 20 -- Small-cap stock in the business of steel and renewable energy is now in the spotlight after restructuring its subsidiary by converting preference shares into equity. This shift signals strong confidence, as equity carries higher risk compared to secured preference shares, highlighting the company's long-term conviction in its energy venture.

With a market cap of more than Rs 17,500 Cr, Godawari Power & Ispat Ltd or GPIL saw its stock hit an intraday high of Rs 267 which is 7 percent higher than the previous close of Rs 250. The company stock has given a compounded return of 50 percent in the last three years.

News GPIL has strengthened its capital structure by converting 198.9 million preference shares into equity sha...