Gujarat NRE Coke to issue securities upto $100 million

Gujarat NRE Coke Ltd has announced that the Board of Directors of the Company at its Meeting held on September 10, 2010, inter alia, has decided to issue securities [including Foreign Currency Convertible Bonds (FCCBs)] for an amount not exceeding USD 100 million or INR.500 crores subject to the approval of the shareholders/other requisite approvals and on such terms and conditions as may be decided by the Board.

The Board also approved proposal to issue convertible warrants not exceeding 6,00,00,000 (six crore) warrants to the Promoters/Promoter group Companies on Preferential issue/private placement basis subject to the approval of shareholders/other requisite approvals and as per the provisions of SJBBI (Issue of Capital and Disclosure Requirements) Regulations, 2009.

The stock closed the day at Rs.63.35, down by Rs.0.60 or 0.94%. The stock hit an intraday high of Rs.64.95 and low of Rs.62.30.

The total traded quantity was 6.20 lakhs compared to 2 week average of 9.76 lakhs.

Source : Equity Bulls

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