Gujarat NRE Coke Ltd, the flagship company of Gujarat NRE group, on Friday said its board has approved investments of Rs 2,050 crore.
“The board of directors of the company...has considered and approved to make further investment(s)...for an amount not exceeding $ 375 million or Rs 2,050 crore,” Gujarat NRE Coke said in a filing to the BSE.
It said this will be subject to the approval of shareholders.
Gujarat NRE Coke’s board also approved to issue securities, including Foreign Currency Convertible Bonds (FCCBs) for an amount not exceeding $ 100 or Rs 550 crore, “whichever is higher subject to the approval of shareholders“.
The Board had in February authorised the company to issue of FCCBs, not exceeding $ 60 million.
FCCBs are quasi-debt instruments and companies issue these bonds to raise capital.
Gujarat NRE has coking coal mines in Australia with over 650 million tonnes of resource. It owns these firms through its subsidiary — Gujarat NRE Coking Coal, listed on the Australian Stock Exchange. It is the largest independent producer of met coke in India with an installed capacity of 1.434 million tonnes per annum.
.