Gujarat NRE Coke plans to raise Rs 300 cr via securities

Coke producer Gujarat NRE Coke today said it is planning to raise Rs 300 crore through the issue of securities that includes foreign currency convertible bonds (FCCBs).     

A meeting of the board will be held on September 24, to discuss the issue of securities (including FCCBs) for an amount not exceeding $60 million or Rs 300 crore, Gujarat NRE Coke said in a filing to the Bombay Stock Exchange (BSE).     

Further, the board would also consider the issue of 25 million convertible warrants to promoters or promoter group companies, the filing added.     

Besides, the company also announced bonus issue of shares carrying lower voting rights in the ratio of one equity for every 10 shares held by the investors.     

Under the scheme, the board has recommended the issue of one share of differential voting rights for every 10 shares of the company, it said.     

Shares of Gujarat NRE Coke were trading at Rs 216, up 0.26 per cent in afternoon trade on the BSE.