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Sunday, September 12, 2010

Gujrat NRE Coke to Raise Funds

Gujarat NRE Coke said that its board has approved to raise funds up to Rs 5.06 billion via issue of securities and convertible warrants, subject to the approval of shareholders/other requisite approvals.

The board has decided to issue securities including foreign currency convertible bonds (FCCBs) for an amount not exceeding Rs 5 billion and issue of convertible warrants not exceeding Rs 0.6 billion warrants to the promoters/promoter group companies on preferential issue/private placement basis.

Gujarat NRE Coke had outperformed the market over the past one month till Sep. 09, 2010, rising 4.45% compared with the Sensex`s 2.80% rise. It underperformed the market in past one quarter, gaining 8.94% as against 12.86% rise in the Sensex.

Shares of the company declined Rs 0.6, or 0.94%, to trade at Rs 63.35. The total volume of shares traded was 620,372 at the BSE (4.02 p.m., Thursday).