Gujarat NRE Coke today said that its associate company Gujarat NRE Mineral Resources (GNMRL) will raise Rs 119.33 crore through the issue of equities to existing shareholders.
GNMRL is offering a rights issue of 23.86 crore shares at a price of Rs 5 a piece to existing shareholders of the company, Gujarat NRE Coke said in a filing to the Bombay Stock Exchange (BSE).
"This rights offer is being made with a view towards giving an opportunity to the loyal investors of Gujarat NRE Group, many of whom have been with us since inception," GNMRL chairman and managing director Arun Jagatramka said.
GNMRL holds a controlling stake of 33 per cent in Gujarat NRE Coke.
Shares of Gujarat NRE Coke were being quoted at Rs 76.65, up by 2.61 per cent in the late afternoon trade on the BSE.
