Australian subsidiary of Gujarat NRE Coke, Gujarat NRE Minerals (GNM) is aiming to acquire Australian Securities Exchange (ASX) listed Rey Resources Limited.

Gujarat NRE Minerals (GNM ) today made the offer to buy all the shares of Rey Resources Limited from its share holders.

At Present , GNM has 17% holding in Rey Resources LTD. Rey Resources directors and management has 20% equity in the company while Australian microcap investment managing firm Acorn Capital holds 8% equity in Rey Resources ltd.

To facilitate the acquisition process , Gujarat NRE vice chairman and managing director Arun Jagatramka has resigned from the board of Rey Resources Ltd. He was a non-executive director on the board of Rey Resources since June 2006.