Gujarat NRE Coke’s Australian subsidiary raises Rs.320 crore

February 17th, 2011 - 2:52 pm ICT by IANS  

Mumbai, Feb 17 (IANS) Gujarat NRE Coke Ltd Thursday said its Australian subsidiary has raised over Rs.320 crore through an institutional placement done by book building mechanism. “The placement, which opened on Feb 16, closed on the same day. GNM (Gujarat NRE Coking Coke Ltd) raised (Australian) $72 million through the issue of 100 million fully paid ordinary shares at 72 cents each,” the company said in a regulatory filing.

The proceeds will be used for funding the company’s investment plans and general working capital purposes, the filing said.

“The capital raising was supported by a wide group of new and high quality institutional investors demonstrating the interest in Gujarat NRE Australia and its long-term prospects,” said Gujarat NRE Coke chairman Arun Jagatramka.

At the Bombay Stock Exchange, the shares of the company were up 0.20 percent to trade at Rs.51.35.

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