Gujarat NRE Coke is planning to raise up to $ 100 million (Rs 550 crore) by issuing convertible securities overseas. The company’s board of directors, in a meeting scheduled for April 29, will consider the issue of securities (including Foreign Currency Convertible Bonds) for an amount not exceeding $ 100 million or Rs 550 crore, whichever is higher. The company’s board, back in February, authorized the management for the issue of FCCBs, not exceeding $ 60 million.
Gujarat NRE Coke is the only Indian company with coking coal mines in Australia having over 650 million tonnes of Coking Coal resources with excellent coking properties. The coal mines are owned through its subsidiary- Gujarat NRE Coking Coal, listed on the ASX.
