Shares of Gujarat NRE Coke surged almost 20 per cent on Tuesday after the company said its board has approved the sale of its wind mill business for Rs 218.75 crore.
The stock zoomed 19.75 per cent to settle at Rs 3.76 —— its upper circuit limit —— on BSE.
At NSE, shares of the company soared 19 per cent to touch its upper price band of Rs 3.75.
In terms of volume, 31.83 lakh shares of the company changed hands at BSE and over 78 lakh shares were traded at NSE during the day.
“Gujarat NRE Coke Ltd has received approval from its shareholders for the sale of its 62 wind mills in Gujarat for a total wind power energy production capacity of 87.5 MW,” the company said in a regulatory filing yesterday.
The meeting of the board of directors was held yesterday.
“The company has been successful in entering into agreements for the sale of the entire wind mill business for an amount of Rs 218.75 crore,” it said.
“With the expected upturn in the country’s industrial scenario, we expect to ramp up our capacity utilisation in the near future,” company’s chairman & MD Arun Kumar Jagatramka said.
The proceeds of the sale, he said, will help in improving the company’s cash flows, thereby helping the faster revival of Gujarat NRE Coke operations.