Jindal Steel And Power Ltd Acquires 31.49% Stake In Gujarat NRE Coke Ltd

Calcutta: Jindal Steel & Power Ltd (JSPL) has managed to acquire a 31.49 per cent stake in Gujarat NRE Coking Coal Ltd at the close of its all-cash takeover bid last Thursday.

The Naveen Jindal-company had set out to acquire all outstanding shares of the Australian Securities Exchange-listed Gujarat NRE Coking Coal Ltd for Aus $0.20 per share despite opposition from the latter’s promoter.

At the end of the takeover offer, it appeared that JSPL had managed to acquire most of the outstanding non-promoter shares of Gujarat NRE Coking Coal.

Gujarat NRE Coke Ltd (GNCL), listed on the BSE and the NSE, holds around 68 per cent in the Australian firm, which has two coking coal mines in that country.

The two mines NRE No. 1 and NRE Wongawilli are located in the Illawarra region of New South Wales. The company plans to increase the production of hard coking coal to over 5 million tonnes (mt) per annum from around 1.5mt per annum by 2016, making it one of the top 10 producers in the world, according to the information available on the website of GNCL. CMP: Rs.342.90.

 

Courtesy: The Telegraph