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 from 19.46 percent to 26.75 percent as of February 19.
As SteelOrbis previously reported, GNCCL had recommended its shareholders reject JSPL's offer of A$0.20 per each share, stating that JSPL's offer undervalued the shares and did not adequately reflect the company's future prospects.