Gujarat NRE Coke Ltd has announced that the Board of Directors of the Company at its meeting held on May 13, 2012, inter alia, decided as follows:
To issue 5,00,00,000 convertible warrants to Promoters/promoter group entities on private placement/preferential basis in accordance with the provisions of Chapter VII of SEBI (Issue of Capital and Disclosure Requirements) Regulations 2009 subject to the approval of shareholders.
To issue securities [including Foreign Currency Convertible Bonds (FCCBs)] in one or more tranches, for an amount not exceeding USD 150 million or INR 750 crores, whichever is higher subject to the approval of shareholders.
To issue Guarantee(s) and/or provide security(ies) for an amount not exceeding AUD 100 million or Rs500 crores whichever is higher, relating to the borrowings to be availed by Gujarat NRE Coking Coal Ltd, an Australian subsidiary for working capital facilities subject however to the approval of the shareholders and
To hold a postal ballot exercise.