Gujarat NRE Coke Ltd to issue securities, FCCBs

The Board of Directors of Gujarat NRE Coke Ltd at its meeting held on May 13, 2012, has decided to issue 5,00,00,000 convertible warrants to Promoters/promoter group entities on private placement/preferential basis in accordance with the provisions of Chapter VII of SEBI (Issue of Capital and Disclosure Requirements) Regulations 2009 subject to the approval of shareholders.

The Board approved proposal to issue securities [including Foreign Currency Convertible Bonds (FCCBs)] in one or more tranches, for an amount not exceeding USD 150 million or INR 750 crores, whichever is higher subject to the approval of shareholders.

The Board also approved proposal to issue Guarantee(s) and/or provide security(ies) for an amount not exceeding AUD 100 million or INR 500 crores whichever is higher, relating to the borrowings to be availed by Gujarat NRE Coking Coal Ltd, an Australian subsidiary for working capital facilities subject however to the approval of the shareholders and to hold a postal ballot exercise.

The Gujarat NRE Coke Ltd stock was trading at Rs.17.20, down by Rs.0.60 or 3.37%. The stock hit an intraday high of Rs.17.80 and low of Rs.17.

The total traded quantity was 2.73 lakhs compared to 2 week average of 2.02 lakhs.

Source : Equity Bulls

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