Gujarat NRE Coking Coal's share price dropped more than 11 per cent when the company resumed trading on the Australian Securities Exchange yesterday.
The Illawarra miner had voluntarily suspended its shares since late June, so it would have time to refinance its debt.
This suspension was lifted yesterday, and at the close of normal trading hours the share price had dropped from 17¢ to 15¢. This was equal to the lowest share price, recorded this May and June, and much less than the 20¢ Indian steel giant Jindal Steel and Power offered when launching a takeover bid in February.
Gujarat has faced major financial issues in recent months, and posted a $76.6 million loss in the 12 months to March 2013.
According to its annual report, it also had $487.88 million of debts to pay within the next year.
Last week, about 80 workers walked off the job at the Russell Vale mine after not receiving their weekly pay.
The action highlighted ongoing disputes between the CFMEU and the company, which had been before the Fair Work Commission at least four times in the past few months to discuss late payments.
It was also revealed that Gujarat NRE had not paid any compulsory superannuation payments to workers since March.
The company resumed trading yesterday after it requested a trading halt on June 26.
Later it made six requests for its shares to be suspended from quotation on the stock exchange while it completed debt refinancing.
In late July, company secretary Sanjay Sharma asked that the suspension end at the start of trading on July 24. But the stock exchange required the company to lodge an audited annual report first.
The report was lodged on August 16, and last week the company set down October 16 as the date for a shareholders' meeting.
The meeting will allow Gujarat shareholders to vote on whether an investment of $66 million by Jindal will be allowed to go ahead.
Jindal stepped in to invest the money and increase its share in the company to 44 per cent when Gujarat failed to raise money through an issue of new shares to its stakeholders in May.