NRE subsidiary's Australia IPO oversubscribed
The initial public offering of India NRE Minerals Ltd., which had entered the Australian capital market, has been oversubscribed. The company is a subsidiary of Gujarat NRE Coke Ltd.
By INDIATIMES NEWS NETWORK |
MUMBAI: The initial public offering of India NRE Minerals Ltd., which had entered the Australian capital market, has been oversubscribed. The company is a subsidiary of Gujarat NRE Coke Ltd.
The IPO was for 30 million shares at Australian $ 0.50 each aggregating A$15 million.
India NRE Minerals owns and operates NRE No 1 colliery, with resources of over 300 million tonne in the southern coalfields of New South Wales. It produces high quality coking coal and caters to both the domestic and export markets.
The objects of the issue were to raise funds for the commencement of long wall mining which is supported by external technical consultants with a view towards ramping up of production from the mine from the current level of one metric tonne per annum to over four million tonnes per annum.
The object of the issue was to raise funds for the commencement of long wall mining with a view towards ramping up of production from the current 1 MT to over 4 MT per year.
Post-issue, Gujarat NRE Coke would continue to hold more than 90% stake in India NRE Minerals. It is the first company to have acquired a coal mine outside India and today owns three hard coking coal mines in Australia.
The IPO was for 30 million shares at Australian $ 0.50 each aggregating A$15 million.
India NRE Minerals owns and operates NRE No 1 colliery, with resources of over 300 million tonne in the southern coalfields of New South Wales. It produces high quality coking coal and caters to both the domestic and export markets.
The objects of the issue were to raise funds for the commencement of long wall mining which is supported by external technical consultants with a view towards ramping up of production from the mine from the current level of one metric tonne per annum to over four million tonnes per annum.
The object of the issue was to raise funds for the commencement of long wall mining with a view towards ramping up of production from the current 1 MT to over 4 MT per year.
Post-issue, Gujarat NRE Coke would continue to hold more than 90% stake in India NRE Minerals. It is the first company to have acquired a coal mine outside India and today owns three hard coking coal mines in Australia.
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