The 0.20 Australian dollar (AUD) per share offer represents a premium of 5 per cent over the closing share price on January 29 at the Australian Securities Exchange (ASX).
JSPL, already a minority shareholder in Gujarat NRE Coking Coal, in a filing to ASX said it is making the unconditional offer to all shareholders of the company via on-market bid.
The Naveen Jindal-led steel maker, which holds 19.48 per cent stake in Gujarat NRE Coking Coal, also has an agreement to source the fuel for its operations in India.
Steel division to perform better going forward: Gujarat NRE
"The AUD 0.20 cash offer allows Gujarat NRE Coking Coal's shareholders to realise full and fair value of their shares in a volatile equity market. The offer represents an attractive premium of 5 per cent on the closing share price of AUD 0.19 on January 29," JSPL Vice-Chairman Vikrant Gujral said in a letter to the Gujarat NRE Coking Coal shareholders. Gujarat NRE Coking Coal's shares rose by 7.89 per cent on the ASX to close at AUD 0.205 (20.5 cents) today.
Comments from Gujarat NRE Coke could not be obtained. The offer, which has been made through JSPL's Australian arm Jindal Steel and Power (Australia) Pty Ltd, will commence on February 15 and will remain open until March 15, JSPL said. "The maximum amount of cash which would be payable by Jindal under the offer if acceptances are received for all GNCCL shares on issue is approximately AUD 221,613,715," it added.
JSPL would get full control of Gujarat NRE Coking Coal's two producing coking coal mines, if it succeeds with the offer. The two coking coal mines are estimated to have reserves of 125 million tonnes (MT) and resources of 651 MT.
The acquisition, if successful, would help Jindal Steel in securing coking coal supplies to a big extent for its projects in India as it wants to have a 20 MT per annum steel producing capacity by 2020.
Currently, GNCCL sells most of its production to its parent company Gujarat NRE Coke Ltd, at market price on arms' length terms. The Kolkata-based Gujarat NRE Coke is the largest Indian manufacturer of metallurgical coke.
JSPL shares fell by 1.16 per cent on the BSE to close at Rs 420.35 apiece.
Anda sedang membaca artikel tentang
JSPL makes AUD 222mn bid to acquire Gujarat NRE Coking Coal
Dengan url
http://kebugaranhidup.blogspot.com/2013/01/jspl-makes-aud-222mn-bid-to-acquire.html
Anda boleh menyebar luaskannya atau mengcopy paste-nya
JSPL makes AUD 222mn bid to acquire Gujarat NRE Coking Coal
namun jangan lupa untuk meletakkan link
JSPL makes AUD 222mn bid to acquire Gujarat NRE Coking Coal
sebagai sumbernya
0 komentar:
Posting Komentar