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Kolkata, Sept. 17

Metallurgical coke manufacturer Gujarat NRE Coke Ltd on Wednesday announced a rights issue of equity shares with "differential voting rights" aimed at enhancing the voting rights of the company's promoters from 41 per cent at present to 51 per cent. This was being done with a view to ward off takeover attempts by companies that might wish to take have a controlling stake in its coking coal assets, Mr A.K. Jagatramka, Vice- Chairman & Managing Director of Gujarat NRE Coke, told newspersons at the end of the company's annual general meeting held here on Wednesday. On September 10, the company had announced that it was considering a rights issue of equity shares in the ratio of one share for every 300 held. These shares would be issued with differential voting rights and would be priced at Rs 1,000 each. The company plans to raise Rs 120 crore by way of the rights issue. This would be used to part-finance the cost of power plants that the company was setting up, he said. - Our Bureau

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