Gujarat NRE begins new innings at Australian SE

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Gujarat NRE begins new innings at Australian SE

The rechristening is over. Zelos Resources NL (ZCO), a limited company listed on the Australian Stock Exchange (ASX), is now officially "Gujarat NRE Resources NL" (GUJ).

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The rechristening is over. Zelos Resources NL (ZCO), a limited company listed on the Australian Stock Exchange (ASX), is now officially "Gujarat NRE Resources NL" (GUJ).

Last week, the shareholders of Zelos passed the resolution giving effect to Gujarat NRE Coke taking a controlling (85%) stake in the company, now renamed, the company said in a release here today.

The move will make the Gujarat NRE Group only the second from India to have a listed presence on the ASX and thus accord all the attending benefits that accrue to such listing.

The takeover came through when Gujarat NRE sold its Avondale Coal Mine in the Southern Coalfields of NSW, Australia, to Zelos for 170 million shares in Zelos and 130 million options of 20 cents.

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