Gujarat NRE files case against Austral Coke

Gujarat NRE Coke Ltd filed a civil suit in the Calcutta High Court against Austral Coke and Projects Ltd, its directors, auditors, merchant bankers and others associated with Austral Coke’s IPO seeking financial compensation for misusing the Gujarat NRE Coke name in a “distorted and misleading” way with a view to selling its issue to public investors.

Gujarat NRE Coke has taken serious objection to Austral Coke’s use of the Gujarat NRE Coke name “in a distorted and misleading way to sell its issue to public investors”. Gujarat NRE Coke has prayed that, by using its name, Austral Coke has severely damaged the reputation of Gujarat NRE Coke leading to loss of market capitalisation and shareholder interest, and for this it has sought compensation.

Among other things, Gujarat NRE Coke has also sought an injunction restraining Austral Coke, or any of its associates, from making and publicising any sort of comparison between Gujarat NRE Coke and Austral Coke, reports The Hindu Business Line.

Source: Moneycontrol.com

Austral Coke IPO subscribed 1.65 times

Initial public offering of Austral Coke and Projects has received bids for 1,19,77,384 shares as against issue size of 72,60,000 shares. It got subscribed 1.65 times, as per NSE website.

The company is mainly engaged in manufacture of low ash metallurgical coke (LAM Coke). It is also in the business of equipment rental, refractory and textile trading.

The issue will have additionally “Green Shoe Option” comprising 10,89,000 equity shares. The issue will close on August 13, 2008. Price band of Rs 164 to Rs 196 per share has been fixed.

The issue will constitute 27.72% of the fully diluted post issue capital of the company if the Green Shoe option is exercised and will constitute 25% if the Green Shoe option is not exercised.

Allbank Finance Limited is BRLM for the issue, whereas Saffron Capital Advisors Pvt Ltd, PL Capital Markets Pvt Ltd and Elara Capital (India) Pvt Ltd are the co-BRLMs for the issue. The equity shares are proposed to be listed on the BSE and the NSE.

The object of issue is to part finance its expansion plan involving setting up of 1,50,000 tpa of LAM Coke and setting up 8 MW Captive Power Plant (CPP) through waste heat recovery. The project is coming up at Sindhudurga in Maharashtra. Besides the project, company may utilize residual funds raised for acquiring coal mines either in India or abroad and may retire high cost debt. Availability of quality coal on regular basis will be always critical for running the operations successfully. Company has successfully concluded pre-IPO placement of 27,40,000 equity shares to Somerset India Fund at Rs 196 per share (at upper price band) aggregating to Rs.53.70 crores.

AUSTRAL setting up in house refractory unit so as to improve quality of operations goes well with similar practices followed major corporate in India like TISCO and ACC. End use industries for LAM Coke will be Foundries, Blast Furnaces, Zinc Smelters, Cement manufactures, Ferro Alloy industry and so on and advantage being consistency in quality, sizing and uniform temperature thereby reducing cold spots and metal wastage. The metallurgical coke division continues to be optimistic about the future with increasing demand for pig iron in the steel and automobile sectors and growth in Ferro alloys, cast iron castings and cement industries.

Source: Moneycontrol.com

Austral Coke IPO subscribed fully

Initial public offering of Austral Coke and Projects has received bids for 84,05,276 shares as against issue size of 72,60,000 shares. It got subscribed 1.16 times, as per NSE website.

The company is mainly engaged in manufacture of low ash metallurgical coke (LAM Coke). It is also in the business of equipment rental, refractory and textile trading.

The issue will have additionally “Green Shoe Option” comprising 10,89,000 equity shares. The issue will close on August 13, 2008. Price band of Rs 164 to Rs 196 per share has been fixed.

The issue will constitute 27.72% of the fully diluted post issue capital of the company if the Green Shoe option is exercised and will constitute 25% if the Green Shoe option is not exercised.

Allbank Finance Limited is BRLM for the issue, whereas Saffron Capital Advisors Pvt Ltd, PL Capital Markets Pvt Ltd and Elara Capital (India) Pvt Ltd are the co-BRLMs for the issue. The equity shares are proposed to be listed on the BSE and the NSE.

The object of issue is to part finance its expansion plan involving setting up of 1,50,000 tpa of LAM Coke and setting up 8 MW Captive Power Plant (CPP) through waste heat recovery. The project is coming up at Sindhudurga in Maharashtra. Besides the project, company may utilize residual funds raised for acquiring coal mines either in India or abroad and may retire high cost debt. Availability of quality coal on regular basis will be always critical for running the operations successfully. Company has successfully concluded pre-IPO placement of 27,40,000 equity shares to Somerset India Fund at Rs 196 per share (at upper price band) aggregating to Rs.53.70 crores.

AUSTRAL setting up in house refractory unit so as to improve quality of operations goes well with similar practices followed major corporate in India like TISCO and ACC. End use industries for LAM Coke will be Foundries, Blast Furnaces, Zinc Smelters, Cement manufactures, Ferro Alloy industry and so on and advantage being consistency in quality, sizing and uniform temperature thereby reducing cold spots and metal wastage. The metallurgical coke division continues to be optimistic about the future with increasing demand for pig iron in the steel and automobile sectors and growth in Ferro alloys, cast iron castings and cement industries.

Source: Moneycontrol.com