Kolkata-based Gujarat NRE Coke today said it will issue 4 million convertible warrants to non-promoters to raise funds for the company subject to shareholder approvals.
The conversion price will not be less than Rs 50 per equity share to be issued on conversion of each warrant, the company said in a statement to the Bombay Stock Exchange.
Recently, the company allotted secured non-convertible redeemable debentures aggregating Rs 100 crore to Life Insurance Corporation of India.
The company has also decided to raise funds by issue of non-convertible debentures with warrants up to Rs 1,000 crore through the qualified institutional placement.
The company stock was trading at Rs 20.45, nearly one per cent lower than previous close.
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