Gujarat NRE Coking Coal (GNCCL), the Australian subsidiary of
India-based Gujarat NRE, has announced that
India-based
Jindal Steel & Power Limited (JSPL) has increased its shareholding in the company to 31.5 percent from 29 percent as of March 28.
As SteelOrbis previously reported, JSPL is offering to pay A$0.20 per each share that it does not already own in Gujarat. However, GNCCL had recommended its shareholders reject JSPL's offer, stating that JSPL's offer undervalued the shares and did not adequately reflect the company's future prospects.