Gujarat NRE Coking Coal (GNM) entered into an Option Off Take agreement with Jindal Steel & Power under which the former would supply 5 million tonne of coal over a 10-year period.
 
 The agreement provides for an annual offtake of 500,000 mn tpa of Run of Mine (ROM) coal with the option for additional supply of 500,000 mn tpa at benchmark linked price. 
 
 GNM is the Australian subsidiary of Gujarat NRE Coke. GNM would also place substantial quantum of new shares in favour of Jindal Steel & Power (Mauritius) at a hefty premium to its current market price.
 
 It would also place 100,000,000 full paid ordinary shares at $0.25 per share, representing a near 48 per cent premium to the last traded market price of the GNM scrip at $0.17 on May 25, in favour of Jindal Steel & Power (Mauritius).
 
 The shares were being issued under the 15 per cent placement limit available and it is expected to be completed by May 30.