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Gujarat NRE Coke touches roof on plan to sell its 62 wind mills in Gujarat for Rs 218.75 crore

06 Oct 2015 Evaluate

Gujarat NRE Coke is locked at upper circuit at Rs. 3.76, up by 0.62 points or 19.75% from its previous closing of Rs. 3.14 on the BSE.

The scrip opened at Rs. 3.64 and has touched a high and low of Rs. 3.76 and Rs. 3.60 respectively. So far 10,34,000 shares were traded on the counter.

The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 9.37 on 14-Oct-2014 and a 52 week low of Rs. 2.71 on 10-Sep-2015.

Last one week high and low of the scrip stood at Rs. 3.76 and Rs. 3.06 respectively. The current market cap of the company is Rs. 259.00 crore.

The promoters holding in the company stood at 39.96% while Institutions and Non-Institutions held 15.61% and 44.43% respectively.

Gujarat NRE Coke (GNCL) has received approval from its shareholders for the sale of its 62 wind mills in Gujarat of a total wind power energy production capacity of 87.5 MW. The company has been successful in entering into agreements for sale of the entire wind mill business for an amount of Rs 218.75 crore.

The said sale is subject to a complete due diligence by the buyer of the business and approval from all relevant authorities and lenders of GNCL.

Gujarat NRE Coke (GNCL), the flagship company of Gujarat NRE group, is one of the largest independent producers of met coke in India with an installed capacity of 1.5 million tonnes per annum (MTPA).


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