Deepak Nitrite Limited updates on Deepak Oman Industries FZC LLC

The Board of Directors of Deepak Nitrite Limited, at its Meeting held today has granted approval to acquire further 4,95,824 equity shares having face value of Omani Rial ('OMR') 1 each of DOIL, equivalent to approx. US S 12,87,853 through acquisition as well as by way of subscription and thereby increasing its shareholding in DOIL from 31.72% to 51% and making it a subsidiary of the Company.

Give Corporate Guarantee to DOIL, subsequent to above acquisition, for the purpose of securing the Term Loan, to be obtained by DOIL from Export Import Bank of India, of approx. US S 49 Mn and also to cover interest and other charges thereon.

Out of the proposed acquisition of 4,95,824 equity shares having face value of Omani Rial ('OMR') 1 each of DOIL, (a) 4,40,924 equity shares of DOIL, equivalent to approx. US 5 11,45,256 shall be acquired at par from Deepak Gulf LLC ('DGL'), a related party; and (b) the remaining 54,900 Equity Shares shall be acquired by way of subscription in DOIL through fresh issue of Shares 'at par' for an amount equivalent to US 5 1,42,597. The above acquisitions shall be on arm's length basis and based on a Valuation Report.

Shares of Deepak Nitrite Limited was last trading in BSE at Rs. 2428.10 as compared to the previous close of Rs. 2448.60. The total number of shares traded during the day was 36967 in over 4000 trades.

The stock hit an intraday high of Rs. 2458.30 and intraday low of 2401.10. The net turnover during the day was Rs. 89882966.00.

Source : Equity Bulls

Keywords

DeepakNitrite INE288B01029 Investment DeepakOmanIndustriesFZC Subsidiary