Gujarat NRE Coke is trading  higher by 2% at Rs 50.60 after the company decided to raise upto $60 million through the issuance of foreign currency convertible bonds (FCCBs).

“The company has launched an issue of $50 million direct, unsubordinated, unconditional and (subject to the conditions of negative pledge) unsecured convertible bonds due 2016, subject to an over-allocation of $10 million convertible into ordinary equity shares of the company quoted in Indian rupees," the company said in a filing to the stock exchanges.

The management committee of the board of directors had passed a resolution at a meeting held on June 9, 2011 for opening of the issue.

First International Group and UBS AG are appointed as the joint book runners for the offering of the bonds.

The bonds will be listed on the Singapore Exchange Securities Trading Ltd and the equity shares to be issued upon conversion of the bonds shall be listed on the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE).

Around 106,110 shares have changed hands on the counter in opening deals.