Kolkata, October 10th, 2007. In pursuance of an acquisition of the Australian listed company Gujarat NRE Resources NL, the Board of Directors of India NRE Minerals Ltd. (“INR, the Bidder”) has lodged today its Bidder’s Statement with Australian Securities Exchange (ASX). On the other hand, Gujarat NRE Resources NL (GUJ) has also filed its Target’s Statement with ASX in relation to the off-market bid by the bidder.
The acquisition is with a view to form a focused coal mining company with 3 coal mines in the southern coalfield of New South Wales, Australia. The consideration is 3 fully-paid INR shares for every 4 fully-paid GUJ shares.
A Joint Announcement in this regard had been made by the Company on 31st August, 2007. |