Calcutta, May 13: Gujarat NRE Mineral Resources Ltd (GNMRL), the main holding company of Gujarat NRE Coke, plans to list on the stock exchange by this fiscal.

Arun Kumar Jagatramka, chairman of GNMRL, said the company had begun the groundwork for the IPO, which would give 12,000 small shareholders the freedom to trade.

The company holds 33 per cent in Gujarat NRE Coke, India’s largest low ash metallurgical coke manufacturer, 38 per cent in NRE Metcoke and 90 per cent in two onshore exploration blocks covering an area of 10,640 square kilometres in Canning Basin in western Australia.

The Jagatramka family had broad-based the holding firm in 2006 by offering shares to those who held Gujarat NRE Coke stocks.

Last year GNMRL offered bonus shares to non-promoters as well.

Jagatramka today announced a Rs 120- crore rights issue in GNMRL. It will offer one share for every 50 held in the company for Rs 5 (face value of Re 1 and a premium of Rs 4). A minimum offer of 10,000 shares will be made to each shareholder irrespective of their holding.

If the issue is fully subscribed by retail shareholders, Jagatramka’s holding will come down to 85 per cent from 96 per cent — meaning the promoters will have limited participation in the issue. The proceeds from the issue will be used in the expansion of Gujarat NRE Coke and oil exploration.