Gujarat NRE Coking Coal has been suspended from trading by the Australian Securities Exchange, after it failed to lodge its latest half-yearly report on time.
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According to an ASX spokeswoman, companies are automatically suspended from trading if they miss the cut off date for lodging documents required under stock exchange rules.
Gujarat’s half year report and account for the period ending September 30 - six months after the end of the Indian financial year - were due by November 30.
It was suspended from official quotation at the start of trading this morning.
The ASX spokeswoman said any suspended company could be reinstated once the required documents had been lodged.
She also indicated the suspension would not affect Gujarat’s capital raising exercise, which allows shareholders to buy two new shares for every three they own with the hope of raising about $49 million.
‘‘There are no ASX rules which would prevent a company from raising capital while suspended,’’ she said.
Gujarat NRE has been contacted for comment on why it failed to meet the lodgement deadline and asked when it plans to submit the half yearly documents.
