Prior to the opening of the offer in February 2013, JSPL had a 19.48% stake in Gujarat NRE Coking Coal and by the end of last week JSPL’s equity increased to 28.79%.
JSPL has also stated that its takeover offer will be extended to March 29.
The company plans to pay A$0.20 ($0.20) per each share that it does not already own in Gujarat NRE Coking Coal.
But in February, Gujarat urged its public shareholders to decline the offer as it undervalued the company and did not reflect its future prospects.
Gujarat NRE Coking Coal operates two hard coking coal mines in New South Wales with combined resources of more than 651 million tonnes and reserves totalling 125 million tonnes.
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Image: Gujarat NRE Coking Coal’s hard coking coal mine NRE Wongawilli Colliery in New South Wales. Photo: Gujarat NRE Coke Ltd.