Deepak Nitrite Limited fixes QIP price as Rs. 70.90

Deepak Nitrite Limited has announced regarding the Qualified institutions placement of equity shares of face value Rs. 2 each (the "Equity Shares") by Deepak Nitrite Limited (the "Company") under the provisions of Chapter VIII of Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009 as amended the (the "SEBI ICDR Regulations") and Section 42 of Companies Act, 2013 (including the rules made thereunder) (the "QIP).

The QIP which was opened by the Company on December 28, 2015 has been closed on January 1,2016. The Board approved the issue price of Rs. 70.90 per Equity Share(including premium of Rs. 68.90 per equity share).The Floor price was Rs. 70.83 per Equity Share, in accordance with proviso to Regulation 85(1) of SEBI ICDR Regulations and approved and adopted the Placement Document dated January 1,2016 in connection with the QIP.

An issue price of Rs. 70.90 per Equity share (including a premium of Rs. 68.90 per Equity Share) (the "Issue Price") in respect of the issue and allotment of 1,17,50,000 Equity Shares aggregating to Rs. 83,30,75,000 to Qualified Institutional Buyers who are successful bidders in the issue, in accordance with the terms and conditions of the Preliminary Placement Document dated December 28, 2015, application forms, confirmation of allocation notes ("CAN") and the Placement Document dated January 1, 2016 adopted in this meeting, in connection with this offering, and applicable contractual, statutory and / or regulatory requirements under Chapter VIII of the SEBI Regulations, be and is hereby approved.

Shares of DEEPAK NITRITE LTD. was last trading in BSE at Rs.73.75 as compared to the previous close of Rs. 73.25. The total number of shares traded during the day was 39254 in over 385 trades.

The stock hit an intraday high of Rs. 75.1 and intraday low of 73.1. The net turnover during the day was Rs. 2908542.

Source : Equity Bulls

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