GMDC forms JV with Reliance Industries, to split shares

Gujarat Mineral Development Corporation Ltd (GMDC) has announced that the Board of Directors of the Company at its meeting held on April 30, 2007, inter alia, has resolved to spilt the shares of the Company in the ratio of 1:5 after necessary approvals.

The Company has executed an MoU with Reliance Industries Ltd to set up a Joint Venture (51% RIL - 49% GMDC) to undertake lignite / coal gasification projects.

The stock closed the day at Rs.653.15, up by Rs.16.15 or 2.54%. The stock hit an intraday high of Rs.708.60 and low of Rs.645. The total traded quantity was 117069 shares compared to 2 week average of 23331.

Source : Equity Bulls

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