Jindal Steel & Power (Australia) Pty Ltd. made an offer to acquire an additional 80.52% stake in Gujarat NRE Coking Coal Limited (ASX:GNM) from Gujarat NRE Coke Ltd. (BSE:512579), HSBC Global Asset Management (Singapore) Limited and other shareholders for approximately AUD 220 million in cash on January 31, 2013. Other shareholders include but not limited to Arun Kumar Jagatramka, Andrew Firek, Mona Jagatramka and Maurice Anghie. Jindal Steel & Power will acquire 1.1 billion shares of Gujarat NRE Coking Coal for AUD 0.2 each. The shareholders will receive cash consideration within 3 days of tendering their shares. Jindal Steel & Power will take 6.67% from HSBC Global Asset Management. Jindal Steel & Power (Australia) Pty Ltd. intends to finance the acquisition by a line of credit from Jindal Steel & Power (Mauritius) Limited, its parent.

The offer is unconditional in all respects. The offer is not extended for the options of Gujarat NRE Coking Coal Limited. The offer period shall commence on February 15, 2013 and end on March 15, 2013, unless it is extended. Pursuant to the transaction, Jindal Steel & Power intends to continue and not make any major changes to the business of Gujarat NRE Coking Coal and subject to completion of review, maintain the employment of the current employees of Gujarat NRE Coking Coal. In the event that Jindal Steel & Power acquires 90% or more stakes in Gujarat NRE, it intends to proceed with the compulsory acquisition of the remaining shares of Gujarat NRE, arrange for the removal of Gujarat NRE from the official list of ASX and replace all member of the Board of Directors of Gujarat GRE with its own nominees. The transaction was approved by Foreign Investment Review Board. There is no other regulatory approval required to be obtained. As of January 31, 2012, Gujarat NRE Coking Coal advised the shareholders to take no action in relation to the offer. GUJARAT NRE group companies, being the major shareholders holding approximately 64% of the issued capital in Gujarat NRE Coking, do not intend to accept the offer.

As of February 4, 2013, Gujarat NRE Coking Coal rejected the takeover offer made by Jindal Steel & Power Ltd. As of February 5, 2013, Jindal confirmed that it will not increase the offer per share. As of February 13, 2013, Gujarat NRE Coking filed a target statement and the Board of Directors of Gujarat NRE Coking unanimously recommend to reject the offer. Jindal will make compulsory acquisition if minimum threshold of 90% is fulfilled. As of March 8, 2013, the offer period has been extended from March 15, 2013 to March 29, 2013. As of March 22, 2013, Jindal Steel & Power (Australia) announced the offer period will end on March 28, 2013 instead of March 29, 2013.

Katharine Hammond and Michael Hansel of HopGood Ganim acted as legal advisor for Jindal Steel & Power (Australia) Pty Ltd. Ernst & Young Transaction Advisory Services Limited acted as the financial advisor and Steinepreis Paganin acted as the legal advisor to Gujarat NRE Coking Coal. Mark Connors and Lachlan McLean of Wilson HTM acted as broker for Jindal Steel & Power.

Jindal Steel & Power (Australia) Pty Ltd. completed the acquisition of an additional 12.01% stake in Gujarat NRE Coking Coal Limited (ASX:GNM) for AUD 33 million on March 28, 2013.