Gujarat NRE Coke allots Rs 50 Crores worth NCDs to Axis Bank Ltd

Gujarat NRE Coke Ltd has announced that the Board of Directors of the Company at its meeting held on March 09, 2009, inter alia, has allotted Secured Redeemable Non-convertible Debentures totaling Rs 50 crores to Axis Bank Ltd.

The Board has decided to issue Guarantee pursuant to the provisions of Section 372A in relation to term loan and working capital requirements not exceeding Rs 500 crores to be availed by Gujarat NRE Minerals Ltd., a subsidiary of the Company to be ratified by the shareholders through postal ballot.

The stock closed the day at Rs.16.95, down by Rs.1.05 or 5.83%. The stock hit an intraday high of Rs.18.15 and low of Rs.16.80.

The total traded quantity was 664934 compared to 2 week average of 886753.

Source : Equity Bulls

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