Gujarat NRE Coke to take over FCGL, raise Rs 500cr

The board of directors of Gujarat NRE Coke, which met today, approved a proposal to raise up to Rs 500 crore via FCCBs/GDRs/ADRs.

According to a release issued by the company to the BSE today, the meeting also approved a proposal to alter the main object of the Memorandum of Association.

"The meeting also cleared the merger of FCGL Industries with the company. The exchange ratio will be one equity share of the company for one equity share of FCGL Industries," the release added.