Gujarat NRE Minerals Ltd, the Australian Subsidiary of Gujarat NRE Coke Ltd announces capital raising of AUD 50 million
Kolkata, 8th December, 2009: The Board of Directors of Gujarat NRE Minerals Ltd., the Australian subsidiary of Gujarat NRE Coke Ltd advised that it has received irrevocable commitments for placement of 77 million shares at AUD 0.65 per share to raise gross proceeds of AUD 50,050,000 (Placement).
This Placement was for Australian and International Institutional Investors.
Mr Arun Kumar Jagatramka, Chairman of Gujarat NRE Minerals Ltd said “this capital raising is a major step in creating further liquidity in Gujarat NRE Mineral Ltd’s shares and we are delighted with the support we have received from Australian and International Investors”.
Gujarat NRE Coke is the country’s largest independent producer of Low Ash Metallurgical Coke (LAMC) with a track record of regularly rewarding its Investors with dividends and bonus. The Company presently has a met coke producing capacity of nearly 1.25 million tones per annum. The company has extensive plans for Brownfield and Greenfield expansion, taking the total capacity to around 4 million tones per annum in the next 3-4 years. The Company plans to set up a Greenfield 1 million tonne per annum coke plant in Andhra Pradesh and a further 1 million tonne per annum coke plant in Gujarat.
Besides the company already has 87.5 MW of wind power plants operational in Gujarat and has recently announced plans to set up further 200 MW of wind power plants over next 3-5 years. The company further plans to set up 240 MW of waste heat recovery power plants over next 3-5 years.
In Australia, the hard Coking coal production from the mines is being ramped up with projected output of 1.1-1.2 million tonnes by the end of March 2010 to progressively reach to around 6 million tonnes per annum by year 2014-15.
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