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Gujarat NRE Coke rises on the buzz of selling entire stake in Gujarat NRE Oil

04 Oct 2012 Evaluate

Gujarat NRE Coke is currently trading at Rs. 19.50, up by 0.60 points or 3.17 % from its previous closing of Rs. 18.90 on the BSE.

The scrip opened at Rs. 19.80 and has touched a high and low of Rs. 19.90 and Rs. 19.20 respectively. So far 272864 shares were traded on the counter.

The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 28.90 on 22-Feb-2012 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. 19.90 and Rs. 18.30 respectively. The current market cap of the company is Rs. 1020.89 crore.

The promoters holding in the company stood at 46.46% while Institutions and Non-Institutions held 18.41% and 35.14% respectively.

Gujarat NRE group has reportedly offloaded its entire shareholding in Gujarat NRE Oil, controlled by group holding arm Gujarat NRE Mineral Resources, to Australian Company -- Buru Energy -- for Rs 192 crore.

The completion of the buyout under the agreement is subject to standard terms and conditions and warranties and is expected to take place on or about October 4.

Gujarat NRE Oil owned a 90% stake in two onshore exploration blocks in Australia -- EP457 and EP458 -- covering an area of 10,640 sq km in the highly-prospective central Canning Superbasin in the southwest Kimberley region of Western Australia.

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