GNRE Coke’s Aussie wing raises 320 cr

Gujarat NRE Coke Limited on Thursday announced that its Australian subsidiary Gujarat NRE Coking Coal Limited has raised over Rs 320 crores through an institutional placement done by book building mechanism.

Gujarat NRE Coking Coal Limited, incorporated in Oct. 2004, is a subsidiary of Gujarat NRE Coke Limited the manufacturer of low ash metallurgical coke in India.

The placement opened on Feb. 16 and was supported by a wide group of new and high-quality institutional investors.

Gujarat NRE Coking Coal Limited raised Australian Dollars 72 million through the issue of 100 million fully paid ordinary shares at 72 cents each.

Chairman Gujarat NRE Coking Coal Limited Arun Kumar Jagatramka said, “The proceeds from the capital raising will provide for valuable investment in the Company?s two producing hard coking coal mines, NRE No.1 Colliery and NRE Wongawilli Colliery, both of which are located south of Sydney in Wollongong.?