Gujarat NRE Coke debuts on Australian stock exchange
29 Nov 2006
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Mumbai: Gujarat NRE Coke Ltd has got officially listed on the Australian Stock Exchange with the acquisition of Zelos Resources NL, a limited company listed on the Australian bourse, the company said in a filing with the Bombay Stock Exchange (BSE).
Zelos Resources is now officially `Gujarat NRE Resources NL' after the shareholders of Zelos passed the resolution giving effect to the company taking a controlling (85 per cent) stake in the company, which is now being renamed.
The move will make the Gujarat NRE group only the second company from India to have a listed presence in the Australian Stock Exchange and will thus accord all the attending benefits that accrue to such listing.
Gujarat NRE made the acquisition when the company sold its Avondale Coal Mine in the Southern Coalfields of NSW, Australia to Zelos for 170 million shares in Zelos and 130 million options of 20 cents. These shares constitute about 85 per cent of the equity of Zelos making the company not only the controlling, but also the largest stakeholder in the company.
The shares of Gujarat NRE Coke climbed 11.34 per cent after the company announced that it has acquired a controlling stake in Zelos. The shares are currently trading at Rs29.95 (11.03 am), compared with their previous close of Rs26.90 (Tuesday). A total of 623057 shares have changed hands at the bourses so far.
Zelos Resources is now officially `Gujarat NRE Resources NL' after the shareholders of Zelos passed the resolution giving effect to the company taking a controlling (85 per cent) stake in the company, which is now being renamed.
The move will make the Gujarat NRE group only the second company from India to have a listed presence in the Australian Stock Exchange and will thus accord all the attending benefits that accrue to such listing.
Gujarat NRE made the acquisition when the company sold its Avondale Coal Mine in the Southern Coalfields of NSW, Australia to Zelos for 170 million shares in Zelos and 130 million options of 20 cents. These shares constitute about 85 per cent of the equity of Zelos making the company not only the controlling, but also the largest stakeholder in the company.
The shares of Gujarat NRE Coke climbed 11.34 per cent after the company announced that it has acquired a controlling stake in Zelos. The shares are currently trading at Rs29.95 (11.03 am), compared with their previous close of Rs26.90 (Tuesday). A total of 623057 shares have changed hands at the bourses so far.
