GMR Energy acquires 33.5% stake in Canadian firm HEG

GMR Energy acquires 33.5% stake in Canadian firm HEG
PTI
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First Published: Tue, Feb 24 2009. 07 12 PM IST
Updated: Tue, Feb 24 2009. 07 12 PM IST
Mumbai: GMR Infrastructure today said its subsidiary firm GMR Energy has acquired nearly 33.5% stake in the Canada-based coal producer Homeland Energy Group in a share exchange agreement.
GMR Energy, the wholly-owned subsidiary of the company, “has acquired ownership of 7.57 crore common shares, about 33.5% of Homeland Energy Group (HEG), Canada,” GMR Infra said in a filing to the Bombay Stock Exchange.
“These shares were acquired by GMR Energy in exchange for 10% voting and equity interest held by it in Homeland Mining and Energy SA (Pty) Ltd, pursuant to the share purchase agreement,” GMR Infra said.
Homeland Mining and Energy SA (Pty) Ltd is a subsidiary firm of Homeland Energy Corporation, Mauritius.
Homeland Energy Group is a coal producer with operations in the Witbank area of South Africa.
The company also has a large-scale development property in South Africa and exploration interests in Southern Africa.
Shares of GMR Infra today settled the day at Rs76.70, down 1.60% on the BSE.
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First Published: Tue, Feb 24 2009. 07 12 PM IST