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).