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Deccan Gold Mines board nods 'Rights Issue' to raise Rs15cr; Stock gains 1%

Company has appointed Sundae Capital Advisors Private Limited as Merchant Banker in connection with the proposed Rights Issue.

December 03, 2021 9:22 IST | India Infoline News Service
DECCAN GOLD MINES
Deccan Gold Mines Ltd has informed that the Board of Directors of the Company had approved issue of equity shares on rights basis at its meeting held on November 11, 2021 and delegated powers to the management to take decisions in this regard.

Accordingly, the management has finalized the following:
  • Company proposes to raise Rs15 crores (approx.) through Rights Issue;
  • The ratio for the rights entitlement and price will be finalized post receipt of necessary regulatory approvals in this regard;
The proceeds of the Issue are proposed to be utilized for financing the following objects:
  • investment in the subsidiary of the Company, Deccan Gold (Tanzania) Private Limited, for carrying out an exploration program in the 5 (five) Prospecting Licence (PL) blocks that the subsidiary was granted in Tanzania and related expenses including acquisition of fixed assets and payment of administration expenses.
  • Acquisition / Investment in mineral assets in India / overseas
  • Setting up of an exploration consultancy wing;
  • Working capital requirements including litigation expenses w.r.t. the Ganajur Mining Lease; ' General Corporate Purpose; and
  • Expenses for the Issue
Company has appointed Sundae Capital Advisors Private Limited as Merchant Banker in connection with the proposed Rights Issue.

At around 9:23 AM, Deccan Gold Mines was trading at Rs20.25 apiece up by Rs0.2 or 1% on Sensex.

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