Deccan Gold Mines Ltd completes Equity Investment into Geomysore Services India Private Limited

Deccan Gold Mines Limited / "DGML" has invested INR 13.50 crore towards its second and final tranche of equity investment into Geomysore Services India Private Limited (GMSI). With this investment, the Company has invested its committed investment of INR 28.50 crore into GMSI.

The company had intimated that on September 1, 2023, DGML made its first-tranche investment of INR 15 crore into GMSI and would be investing a further amount of INR 13.50 crore into GMSI by September 10, 2023. Thus, DGML would be making a total investment of INR 28.50 crore into GMSI.

By way of background, vide our earlier Update made on July 23, 2023 we had intimated that the key shareholders of GMSI viz., Thriveni Earth Movers Private Limited ("Thriveni') and DGML agreed to infuse INR 60 crore of Equity Capital into GMSI. Proceeds of this investment was to be used for land acquisition, ordering of equipment and commencement of civil work for the processing plant and water pipeline work.

Thriveni had made an investment of INR 40 crore into GMSI recently.

GMSIT has intimated that it will complete the share allotment process to DGML & Thriveni by mid-September, 2023. Post allotment, DGML's shareholding in GMSI will be 40.07%.

Shares of DECCAN GOLD MINES LTD. was last trading in BSE at Rs. 88.31 as compared to the previous close of Rs. 87.98. The total number of shares traded during the day was 105785 in over 469 trades.

The stock hit an intraday high of Rs. 90.95 and intraday low of 86.57. The net turnover during the day was Rs. 9460704.00.

Source : Equity Bulls

Keywords

DECCANGOLDMINES INE945F01025 Mining Investment GeomysoreServicesIndia