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The miner aims to raise $A13.84 million of proceeds from the retail component that was initially expected to run from February 6-22.
The deal issues two new shares at 8c each for every 11 shares held.
It has already raised $26.43 million from institutional investors, with Axis Bank taking part along with major shareholder Jindal Steel – which ended up increasing its Gujarat stake from 65.84% to 69.29%.
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.
Gujarat is also expected to face court hearings next week in relation to winding up proceedings raised against it by creditors Ellton Conveyors, PCL Shipping and from its 4.58% shareholder, Singapore’s UIL.
