The Indian steelmaker’s stake of Gujarat was previously 65.84%. Jindal became a majority and 53.3% owner of the coal miner after agreeing to a Gujarat-saving share offer in mid-October.
With its brand damaged by the struggles to pay workforce wages for nearly five weeks in September-October, Gujarat NRE Coking Coal aims to change its name to Wollongong Coal.
Shareholders will vote on the proposal at the annual general meeting on February 25.
The recent entitlement offer consisted of two new shares at 8c each for every 11 held by existing, eligible shareholders – which raised $26.43 million from Jindal.
Gujarat is seeking $13.84 million of proceeds from the retail component of the offer.
