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Wollongong Coal, a Naveen Jindal-led Australian coal miner, raised A$53.74 million via a rights issue, around 80.59 per cent of the targeted A$66.67 million.
Since April this year after the management was changed, the company has raised around A$110 crore.
Lower coal price and operation closure at its Russell Vale Colliery and Wongawilli Colliery in the Southern Coalfields Region of New South Wales have triggered a liquidity crisis in the company. Jindal Steel and Power Ltd (JSPL) has provided a loan facility of A$75 million to the company.
Though it has avoided winding up proceedings by a couple of creditors, there are three major claims proceedings still against it.
In has reduced 150 employees. Operations at Wongawilli stopped in February this year after an accident took place. At Russell Vale, production had ceased in December 2013.
Originally promoted by Gujarat NRE Coke, changed its name after the management changeover, is listed on the Australian Stock Exchange.
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