Gujarat NRE Coke (GNCL) is planning to merge its unlisted group entity - Bharat NRE Coke (BNCL) with itself. Bharat NRE owns a met coke producing facility at Dharwad in Karnataka with an installed capacity of 0.32 million tonnes (mt) a year. This merger will increase the met coke production capacity by 34.8%, which is at 0.930 mt a year, at present.
As per the proposed scheme of amalgamation, BNCL shareholders will receive two shares of GNCL for every share held by them in BNCL. This will result in increase of paid-up capital of GNCL by approximately 8.8%.