Tag Archives: Coal Stocks

Gujarat NRE Coke to issue shares to ICICI Bank under Private Placement for Debt Restructuring

Gujarat NRE Coke Ltd has informed BSE that the Board of Directors of the Company at its meeting held on April 24, 2014, inter alia, has decided as follows:

1. To seek authority from the shareholders under the provisions of Sections 180(1)(c), 180(1)(a) and 181 of the Companies Act 2013.

2. To issue 1,21,61,222 Equity Shares to ICICI Bank Ltd under Private Placement basis in accordance with the 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 as well as Chapter VII of SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009 [ICDR Regulations] subject to the approval of shareholders. Continue reading Gujarat NRE Coke to issue shares to ICICI Bank under Private Placement for Debt Restructuring

Gujarat NRE Coke Finalizes New Coal Offtake Agreement with JSPL

Gujarat NRE Coking Coal Limited announced that it has finalized a further Off Take Agreement with Jindal Steel & Power Limited (JSPL) whereby JSPL would have the option to acquire an additional 200,000 tonnes of Run of Mine coal annually from the Company at a benchmark linked market price. As part of the agreement, the Company will issue and allot a further 30,000,000 fully paid ordinary shares to Jindal Steel & Power (Mauritius) Limited at $0.25 per share raising USD 7,500,000. Based on the last traded data of the GNM scrip, this placement represnts a premium of approximately 47% to the current market price. The allotment of 30 million fully paid shares to Jindal Steel & Power (Mauritius) Limited will be done under the limit available to the Company under ASX listing Rule 7.1. Continue reading Gujarat NRE Coke Finalizes New Coal Offtake Agreement with JSPL