Metallurgical coke maker Gujarat NRE Coke Ltd said on Monday that it will raise up to Rs 1,000 crore through institutional placement. An official quoted that the company would raise funds up to Rs 1,000 crore through the issue of non-convertible debentures (NCD) with warrants on qualified institutional placement basis.

However, the terms and conditions of the said NCD issuance would be decided by the board of directors and would be subject to the shareholders' approval.

It may be noted that on February 7, company's Board of Directors at its meeting, inter alia, has allotted Secured Non-convertible Redeemable Debentures aggregating Rs 100 crores to Life Insurance Corporation of India.

In a separate release, the company disclosed that the promoters have pledged 15.96 percent or 75.31 million shares of the company as security against borrowings made by the promoters. However, the company did not disclose to whom the shares were pledged.

The stock of the presently trading at Rs 24, up 6% compared to previous close of Rs 22.7. The stock has made 52-week-high and low of Rs 128.51 and Rs 20.60 respectively.