Gujarat NRE Mineral Resources Limited (GNMRL) allots Bonus Shares to Non-Promoters
Kolkata, 2nd November, 2009. The Board of Directors of Gujarat NRE Mineral Resources Limited (GNMRL), an associate of Gujarat NRE Coke Limited (GNCL), at a meeting held on 29th October 2009 allotted more than 10 crore Bonus equity shares to its over 12000 Non-Promoter shareholders in the ratio of one equity share for every one existing equity share held as on 23rd October 2009, being the record date for this purpose. Promoters of the Company have waived their entitlement of bonus equity shares in larger interest of the Company and its shareholders.
Earlier Gujarat NRE group had merged its eight group companies into GNMRL. Consequently, GNMRL has gained control over 34% equity capital of GNCL. Gujarat NRE Coke Limited is the largest non-captive manufacturer of Low Ash Metallurgical Coke (LAMC) in India and also enjoys uninterrupted supply of raw material from its coking coal mines in Australia. Hence, the merger immensely benefits GNMRL in long term run as the LAMC market gradually starts improving thereby boosting the GNCL’s stakeholder’s wealth.
Shri Arun Kumar Jagatramka, Managing Director, said that GNMRL has interests in oil & gas sector with the acquisition, through its wholly owned Australian subsidiary, of 90% interest in two onshore exploration blocks namely EP457 & EP458 covering an area of 10600 Sq. Km. in the highly prospective Canning Basin, Western Australia. The Company’s highly experienced team of petroleum exploration consultants and experts have already developed a fairly good idea of the subsurface geology of the entire area and identified few oil rich reefs and structural traps which could be targeted by the Company pursuant to correlation and final analysis of the 2D seismic data by the experts.
Shri Arun Kumar Jagatramka further added that the Company has completed 2D seismic data processing and interpretation as a part of phase I of the Project with many fruitful and optimistic outcomes, which would be further validated by applying advanced techniques like 3D seismic survey in the next programme of Phase II of the Project and location for drilling would be finalized accordingly. “We are quite confident of success in our endeavor in oil & gas sector in Western Australia”, said Mr Jagatramka.
“GNMRL is poised to become a key player in the energy resource sector with interests in not only oil and gas sector, but also in coal mining and met coke production, with its holding in GNCL, to meet India’s growing energy needs and fire her growth vision”, added Shri Arun Kumar Jagatramka.
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Mr Sutirtha Roy at (+91) 98790 19880