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Gujarat NRE Coke surges on plan to raise $100 million via convertible securities

25 Apr 2013 Evaluate

Gujarat NRE Coke is currently trading at Rs 17.20, up by 0.50 points or 2.99% from its previous closing of Rs 16.70 on the BSE.

The scrip opened at Rs 17.05 and has touched a high and low of Rs 17.50 and Rs 17.05 respectively. So far 43006 shares were traded on the counter.

The BSE group 'B' stock of face value Rs 10 has touched a 52 week high of Rs 23.80 on 10-Jan-2013 and a 52 week low of Rs 15.40 on 21-May-2012.

Last one week high and low of the scrip stood at Rs 17.50 and Rs 16.55 respectively. The current market cap of the company is Rs 951.70 crore.

The promoters holding in the company stood at 50.68% while Institutions and Non-Institutions held 19.65% and 29.66% respectively.

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.

Peers
Company Name CMP
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Bharat Coking Coal 42.36
Linde India 7477.55
Refex Industries 338.15
IRM Energy 280.85
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