M/s. Bennett, Coleman & Co. Ltd., has subscribed 40,00,000 Convertible Warrants of M/s. Gujarat NRE Coke Ltd (the company) on 15th May, 2009. These warrants were allotted on 15th May 2009 by the Management Committee of Board of Directors of the Company on Preferential/Private Placement basis in accordance with the approval accorded by its shareholders through Postal Ballot. These warrants carry an option to its holder to apply for and obtain 1 Equity Share of the Company in lieu of each warrant within a period of 18 months at a price of Rs. 50 per Equity Share.
About the Company : Gujarat NRE Coke Ltd
Gujarat NRE Coke is the largest independent producer of Met Coke in India having production capacity of over 1 Million MT and has undertaken plans to set up plants for producing 1.25 Million MT in the States of Karnataka and Andhra Pradesh. It is the only Indian company with coking coal mines in Australia having more than 500 million tons of Metallurgical Coal with excellent coking properties. The company is set to emerge as one of the largest coking coal producers in Australia over the next few years. The coal mines are owned through its subsidiaries – Gujarat NRE Minerals Limited (ASX:GNM). Besides ownership of these coal mines, the company has done cornerstone investments in resource prospecting companies that are scouting for coal, gold, iron-ore and various other base metals. The company has 87.5 MW wind power energy and is in the process of setting up power plants for generation of 60 MW through waste heat recovery process. It has also set up mini steel mill in Gujarat to recycle steel scraps using green wind energy to manufacture TMT Bars.