Gujarat NRE Coke raises Rs 100 crores from LIC

Gujarat NRE Coke Ltd has announced that the Board of Directors of the Company at its meeting held on February 07, 2009, inter alia, has allotted Secured Non-convertible Redeemable Debentures aggregating Rs 100 crores to Life Insurance Corporation of India.

The Board subject to the approval of shareholders, decided to raise funds by issue of Non-Convertible Debentures with Warrants upto Rs 1000 crores through the Qualified Institutional Placement at such price and on such terms and conditions as may be decided by the Management Committee/Board of Directors.

The stock was trading at Rs.23.45, up by Rs.0.75 or 3.30%. The stock hit an intraday high of Rs.23.80 and low of Rs.22.80.

The total traded quantity was 317576 compared to 2 week average of 760482.

Source : Equity Bulls

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