Gujarat NRE Coke, one of the largest independent producers of met coke in India, has notified that its Australia-listed subsidiary Gujarat NRE Minerals has made an offer to acquire REY Resources.

Presently, Gujarat NRE holds 16.6% stake in REY Resources, which make it a single largest shareholder.

With this purchase, the company will acquire interest in Rey's thermal coal exploration projects.

Under the takeover offer, the Gujarat NRE arm will offer one company share for every five REY Resources shares. The share-swap deal values Rey Resources at AUS Dollar 0.09 per share, which represents a premium of 40.6 per cent over its closing share price of June 2.

Yesterday, the shares of Rey closed at AUS Dollar 0.115, up 57.53 per cent on the Australian Securities Exchange.

According to reports, Ernst & Young Transaction Advisory would act as lead corporate adviser for the deal.

Last month, Gujarat NRE Minerals had secured a $50 million long-term loan to support mine development in Australia.