Mumbai: Jindal Steel and Power Ltd plans to increase its stake in Australia’s Apollo Minerals to 11.70% by acquiring an additional 10 million shares of the firm for about Rs2.20 crore. Confirming the issue, Apollo Minerals said in its official statement, “JSPL will subscribe to 10,000,000 ordinary shares at A$0.04 per share for gross proceeds to the company of A$400,000. This investment will result in JSPL owning 11.7% of the total issued shares in Apollo.”
The Jindal led firm had already established its presence in Australia through six exploration permits in the coal sector in Queensland and 27.27% stake in Rockland Richfield and over 19% stake in Gujarat NRE Coking coal.
The company anticipates to use the proceeds in the exploration and development of the Commonwealth Hill Iron Project and Titan Base-Precious Metals Project, both situated in the highly prospective Gawler Craton in South Australia, and working capital purposes.
EPC News Bureau
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