Gujarat NRE Coking Coal Limited, (GNM or the Company) is pleased to announce that it has entered into an Option Off Take agreement with Jindal Steel & Power Limited (Jindal) and would also make a placement of new shares in favour of Jindal Steel & Power (Mauritius) Ltd.
The shares would be issued by the Company under the 15 % placement limit available under Listing Rule 7.1. The placement is expected to be completed by 30th May 2012.
Speaking on the development,Arun Kumar Jagatrarnka, Executive Chairman of the Company said "We are extremely pleased to introduce Jindal Steel and Power Limited as a long term strategic partner and investor in the Company. This is a win-win deal for both parties, since it provides secured supply of Premium Hard Coking Coal to Jindal Steel while it diversifies the customer base of the Company."