GNCL subsidiary India NRE Minerals Ltd to list at ASX

Ahmedabad, Jul 6 (UNI) The Initial Public Offer of India NRE Minerals Limited of 30 million shares at AU$ 0.50 each, aggregating AU$ 15 million, has closed on the stipulated date having been oversubscribed.

The company had received subscription for 43,678,500 shares at 50 cents each and it has decided to retain the oversubscription and allotted shares to all the applicants in full, according to a release here.

The company's request to the Australian Securities Exchange (ASX) for listing of the shares of the company has been accepted and the shares will be listed in the ASX on July 10, 2007.

The issue is one of its kind in the sense that it was, perhaps the first time, that Indian retail investors took part in an overseas IPO.

India NRE Minerals Limited owns and operates the NRE No 1 colliery with proven resources of more than 300 million tonnes, in the southern coalfields of New South Wales.

This landmark colliery has produced significant amount of high quality Coking coal for more than one hundred year and have catered to both the domestic and export markets.

The majority stake in India NRE Minerals Limited is held by Gujarat NRE Coke Limited, which is the largest merchant producer of Low Ash Metallurgical Coke in India.

The Indian parent has strategic interests in various resource plays in Australia, was the first company to have acquired a coal mine in the country and today owns the Avondale and set to own the Elouera collieries as well.

Gujarat NRE's other major interests in Australia include petroleum prospecting in the Canning basin and prospecting for gold, iron ore, coal, magnetite and other base metals in Tasmania.

UNI