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Gujarat NRE Coke Ltd to raise upto US$ 60 million through issuance of Foreign Currency Convertible Bonds (FCCBs)

| Updated on June 09, 2011 Published on June 09, 2011

Gujarat NRE Coke Ltd has informed BSE that the Company on June 09, 2011, has launched an issue of USD 50 million direct, unsubordinated, unconditional and (subject to the conditions of the negative pledge) unsecured convertible bonds due 2016 ("Bonds") subject to an over allocation of USD 10 million convertible into ordinary Equity Shares of the Company quoted in Indian Rupees.

The issue of the Bonds and issuance at the Equity of the Company upon conversion of the Bonds was authorised by a resolution of the Board of Directors of the Company passed at a meeting of the Board of Directors held on October 21, 2010 and by a special resolution of the shareholders passed by postal ballot the result of which was declared on December 13, 2010. Further the opening of the issue has been authorized by the a resolution of the management committee of the Board of Directors of the Company passed at a meeting held on June 09, 2011

The Bonds are proposed to the listed on the Singapore Exchange Securities Trading Ltd and the Equity Shares of the Company to be issued upon conversion of the Bonds shall be listed on the National Stock Exchange of India Ltd and the Bombay Stock Exchange Ltd.

First International Group and UBS AG are appointed as the Joint Bookrunners for the offering of the Bonds.

Source : BSE - >www.bseindia.com

Published on June 09, 2011
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