Gujarat NRE Coke allots Rs 105-cr convertible warrants

Gujarat NRE Coke today said it has allotted Rs 105.4 crore convertible warrants to its promoter group company.

As many as five crore warrants were issued to Mangal Crystal Coke Pvt, the company said in a BSE filing.

The warrants are convertible into equity shares of Rs 21.08 each, the company said.

The Management Committee of the board of directors of Gujarat NRE Coke had approved the warrant issue to the promoter group at its meeting held today.

"...Pursuant to the approval given by the shareholders vide postal ballot as per its result declared on June 21, 2012, the management committee of the board of directors of the company at its meeting held on June 26, 2012 has allotted...Convertible warrants to promoter/promoter group entity," the statement said.

Shares of the company today closed at Rs 11.80 apiece on the BSE, up 1.72 per cent from the previous day close.