The initial public offering (IPO) of India NRE Minerals, a subsidiary of Gujarat NRE Coke, of 30 million shares at A$ 0.50 each aggregating A$ 15 million has closed with full subscription.
"This is a major reason for us to celebrate," Arun Kumar Jagatramka, vice chairman & managing director, Gujarat NRE Coke said. "The issue also marks the entry of Indian retail investors, perhaps for the first time on such a scale, who have overwhelmingly responded to our call to come on board the flagship in the making of the NRE group in Australia."
India NRE Minerals owns and operates the NRE No 1 colliery with proven resources of more than 300 million tonne in the southern coalfields of New South Wales. The mine re-commenced production in September 2005 since when it has produced over 6,00,000 tonne of coking coal that has been exported to India.
"The current issue was floated to raise funds for the commencement of long wall mining, which is supported by external technical consultants with a view to ramp up production from the current level of one MTPA to over four MTPA.Gujarat NRE Coke would continue to hold more than 90% stake in India NRE Minerals even after the IPO.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment