Gujarat NRE Coke Ltd. (BSE:512579) agreed to acquire NRE Metcoke Ltd. from a group of shareholders for INR 1.2 billion in stock on March 30, 2015. The selling shareholders include, Arun Kumar Jagatramka, Mona Jagatramka, Kavita Jagatramka, Tanvee Jagatramka, Gujarat NRE Mineral Resources Limited, Gaurav Vinimay Pvt Ltd and others. Under the terms of agreement, Gujarat NRE Coke Ltd will issue 239 shares for every 100 shares of NRE Metcoke Ltd. In a related transaction, Gujarat NRE Coke Ltd. agreed to acquire Bajrang Bali Coke Industries Ltd. As of May 12, 2016, the record date has been decided to be May 16, 2016 for the purpose of taking record of shareholders of NRE Metcoke and Bajrang Bali Coke for allotment of shares to them.

NRE Metcoke reported total income of INR 98 million and profit after tax of INR 7.7 million in the year ended March 31, 2014. The transaction has been approved by Board of Directors of Gujarat NRE Coke Ltd. and is subject to approval of the members and/or creditors of Gujarat NRE Coke, relevant statutory and regulatory authority and approval of High Court of Calcutta. As of September 22, 2015, the transaction is approved by the shareholders of Gujarat NRE Coke. As of January 21, 2016, the transaction is approved by the Hon'ble High Court at Calcutta. Maheshwari & Associates acted as valuation agent, Guiness Corporate Advisors Pvt. Ltd. acted as fairness opinion provider, Moti Sagar Tiwari of L.P. Tiwari & Co acted as legal advisor and Niche Technologies Private Limited acted as registrar for Gujarat NRE Coke Ltd.

Gujarat NRE Coke Ltd. (BSE:512579) completed the acquisition of NRE Metcoke Ltd. from a group of shareholders on March 16, 2016.