Gujarat NRE''s Australian Flagship Subsidiary India NRE Minerals IPO Closes Oversubscribed

Gujarat NRE Coke Ltd has informed that the Initial Public Offer of India NRE Minerals Ltd of 30 million shares at Au$ 0.50 each aggregating to AU$ 15 million has closed on thestipulated date having been over subscribed.This is a major reason for us to celebrate in the group said Mr. Arun Kumar Jagatramka, Vice Chairman & Managing Director of the Company, for the issue also marks the entry of Indian retail investors, perhaps for the first time on such a scale, who have overwhelmingly responded to our call to come on board the flagship in making of theNRE group in Australia. It will be pertinent to note here that the Reserve Bank of India recently allowed individual Indians to invest upto USD 100,000 in overseas listed equity every year - a little known and seldom availed of option that was utilized by the Company to provide the Indian investing fraternity to take part in a rare resource play in Australia and reap the benefits of investing in a mature market.