Company In NEWS

Gujarat NRE unit plans listing in 2010-11

BS Reporter / Mumbai/ Ahmedabad May 14, 2010, 0:20 IST

Gujarat NRE Mineral Resources Limited (GNMRL), a holding company in Gujarat NRE Coke Ltd, is likely to be listed on Indian bourses during the fiscal 2010-11 as the company intends to come out with its initial public offer (IPO) this fiscal.

"We are looking at listing GNMRL in India by the end of this year," Arun Kumar Jagatramka, chairman and managing director, Gujarat NRE Coke Ltd (GNCL), said on Thursday in Ahmedabad.

We have not yet decided on the size of the issue and the number of shares to be offered to the investors. The details are being worked out," he added.

Jagatramka was in the city to announce GNMRL's rights issue, through which the company will raise Rs 119.33 crore by offering 23.86 crore shares at an issue price of Rs five per equity share to the existing shareholders of the company.

GNMRL holds controlling stake of 33 per cent in Gujarat NRE Coke, the flagship company of Gujarat NRE Group and largest independent producer of metallurgical coke in India.

Gujarat NRE Coke, through its Australian subsidiary Gujarat NRE Coking Coal Ltd (GNCCL), owns and operates two coal mines in Australia having coal resources of over 560 million tonnes.