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Gujarat NRE surges on entering into off-take agreement with Jindal Steel

Gujarat NRE Coke Ltd. | Industrial Gases & Fuels | Oil & Gas | BSE: 512579 | NSE: GUJNRECOKE

28 May 2012 Evaluate

Gujarat NRE Coke is currently trading at Rs. 17.45, up by 0.40 points or 2.35% from its previous closing of Rs. 17.05 on the BSE.

The scrip opened at Rs. 17.10 and has touched a high and low of Rs. 18.15 and Rs. 17.10 respectively. So far 638515 shares were traded on the counter.

The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 52.50 on 01-Jun-2011 and a 52 week low of Rs. 14.80 on 20-Dec-2011.

Last one week high and low of the scrip stood at Rs. 18.15 and Rs. 15.40 respectively. The current market cap of the company is Rs. 915.92 crore.

The promoters holding in the company stood at 46.06% while Institutions and Non-Institutions held 19.61% and 34.34% respectively.

Gujarat NRE Coke has entered into an option off-take agreement over 10 years with Jindal Steel & Power, for a total annual off-take of 500,000 MTPA of Run of Mine (ROM) coal with the option for additional quality of 500,000 MTPA at benchmark linked price.

Besides this, the company would also make a placement of new shares in favour of Jindal Steel & Power (Mauritius). The agreement is to place 100,000,000 fully paid ordinary shares at a price of & 0.25 per share representing a premium of approximately 48% of the last traded market price of GNM scrip at $0.17 on May 25, 2012. Further, the shares would be issued by the company under the 15% placement limit available under listing Rule 7.1. The placement is expected to be completed by May 30, 2012.

Gujarat NRE Coke is the only Indian company with coking coal mines in Australia having over 650 million tones of Coking Coal resources with excellent coking properties. The coal mines are owned through its subsidiary- Gujarat NRE Coking Coal, listed on the ASX.

Guj. NRE Coke Share Price

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Gujarat NRE surges on entering into off-take agreement with Jindal Steel

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