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Jindal Steel And Power Ltd Acquires 31.49% Stake In Gujarat NRE Coke Ltd-The Economic Times


Saturday, 30 Mar 2013 08:00pm EDT 

The Economic Times reported that Jindal Steel and Power's Jindal Steel And Power Ltd's (JSPL's) bid to acquire a majority stake in Gujarat NRE Coke's Australian subsidiary has not been successful, with the Company managing to acquire only 31.49 % stake at the end of open offer. On January 31, JSPL had launched an open offer for fully acquiring Gujarat NRE Coking Coal Ltd, the Australian subsidiary of Kolkata-based Gujarat NRE Coke, by putting a all cash bid of AUD0.20 per share. A JSPL filing to the Australian Securities Exchange (ASX) showed that the Naveen Jindal-led steel maker managed to acquire only 31.49% at the close of the offer on against the outright purchase target of the Company. The offer was launched on February 15. The steel maker had earlier extended the closing date of offer till March 28 and had said it will not be increased further. 

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