Kolkata-based Gremach Infrastructure Equipments & Projects is planning to dilute 10 per cent equity in its Mozambique-based mining unit OSHO Gremach Mining Limitada.
Gremach has called board meeting on October 8 to discuss the matter, it said in a statement to the Bombay Stock Exchange. In 2007, Gremach acquired a 75-per cent controlling-stake in 11 coalmine licenses in Mozambique from Osho Mozambique Coal Mining Limitada. Gremach recently found coal reserves in its mines in Mozambique, which is expected to have reservs of 200 million.
The company's stock was trading at Rs 55, nearly 3 per cent lower than Monday's close.