Business Standard reported that coking coal major, Gujarat NRE Coke Limited will raise up to USD 20 million through foreign currency convertible bonds. The company will launch the issue on October 23rd.

In a filing with the stock exchanges, the company informed that it would launch on October 23rd an issue of USD 15 million direct, unsubordinated, unconditional and unsecured convertible bonds subject to an over allocation of USD 5 million, convertible into ordinary equity shares of the company quoted in Indian rupees.

It may be noted that the board of directors of the company had approved the said issue of bonds and issuance of the equity shares of the company upon conversion of the bonds at their meeting held on May 13th 2012 and later by a special resolution of the shareholders passed by postal ballot the result of which was declared on June 21st 2012, on Saturday.

The statement said that "Further, the opening of the issue has been authorized by a resolution of the management committee of the board of directors of the company passed at its meeting held on October 19th 2012."

Source - Business Standard

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