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Our Bureau

Kolkata, Nov. 1 The promoters of Gujarat NRE Coke Ltd have increased their holding in the company by 4.8 per cent through creeping acquisition route during April-October 2008. Accordingly, the promoters’ stake has increased to over 45 per cent.

Mr Arun Kumar Jagatramka, Vice-Chairman and Managing Director, said the company also stuck to its plans of issue rights shares with differential voting rights (DVR) to the existing shareholders of the company in the ratio of 1 DVR share for 450 existing equity shares at a price of Rs 1,000 per DVR share. The company’s shares closed at Rs 30 on Friday.

“This is not for raising funds and those having interest will subscribe to the issue. We are currently in the process of taking the shareholders nod through postal ballot. The process will be over in another two weeks, following which we will seek SEBI approval,” he said adding that promoters were expecting to control over 51 per cent voting right post-DVR.

Gujarat NRE has posted Rs 102 crore net profit during the July-September 2008 quarter, up by over eight times against the corresponding period of the previous fiscal. Total income has gone up by close to five times from Rs 102 crore to Rs 496 crore.

According to Mr Jagatramka, coke prices have meltdown by 21 per cent from $700 a tonne in July-August to $550.

Meanwhile, the FII holding in the company has come down from 34 per cent to approximately 20 per cent.

More Stories on : Coke & Metalurgical Coke | Stocks

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