Gujarat NRE Coke Ltd to issue shares to lending banks

The Board of Directors of Gujarat NRE Coke Ltd at its meeting held on May 25, 2015, has approved increase of Authorised Share Capital of the Company from existing capital of Rs. 2000 crores to Rs. 2500 crores by creation of 50 crores equity shares of Rs. 10/- each, subject to approval of the members in the forthcoming AGM.

The Board also approved proposal to issue upto 75,00,00,000 Equity Shares to any of the Lending Banks under Private Placement basis in the event of their exercising the right to convert their respective Term Loan/WCTL/FITL outstanding in accordance with terms and conditions of letter of Approval dated March 22, 2014 as issued by Corporate Debt Restructuring Empowered Group and as per Section 42 and other provisions of Companies Act 2013 and other related regulations, subject to approval of the members in the forthcoming AGM.

Shares of Gujarat NRE Coke Ltd was last trading in BSE at Rs.2.7 as compared to the previous close of Rs. 2.6. The total number of shares traded during the day was 3266 in over 28 trades.

The stock hit an intraday high of Rs. 2.87 and intraday low of 2.25. The net turnover during the day was Rs. 8640.

Source : Equity Bulls

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