Gujarat NRE Australia raises Rs 320 cr

PTI Mumbai | Updated on February 17, 2011 Published on February 17, 2011

Coking coal producer Gujarat NRE Coke has said that its Australian subsidiary Gujarat NRE Australia has raised over Rs 320 crore through institutional placement of shares.

The company has raised A$72 million (over Rs 320 crore) through the issue of 100 million fully paid ordinary shares at 72 cents each, Gujarat NRE Coke said in a filing to the Bombay Stock Exchange.

The placement opened on February 16, 2011, and closed on the same day, supported by a wide group of new institutional investors, the filing added.

“The capital raising was supported by a wide group of new and high quality institutional investors, demonstrating the interest in Gujarat NRE Australia and its long-term prospects,” the Gujarat NRE Coke Chairman, Mr Arun K. Jagatramka, said.

The proceeds will be used for funding the company’s investment plans and general working capital purposes, the filing said.

Meanwhile, the shares of Gujarat NRE Coke were trading at Rs 51.30 apiece in the pre-noon trade on the BSE, up 0.1 per cent from the previous close.

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Published on February 17, 2011
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