Deepak Nitrite incorporates wholly owned subsidiary of the company; stock up 1.5%

The company has subscribed to the Memorandum & Articles of Association to the extent of 100% of Share Capital of Deepak Clean Tech Limited.

Oct 13, 2020 05:10 IST India Infoline News Service

Deepak Nitrite Limited has incorporated a wholly owned subsidiary company named Deepak Clean Tech Limited (DCTL) with effect from October 9, 2020.

Deepak Nitrite Limited has subscribed to the Memorandum & Articles of Association to the extent of 100% of Share Capital of Deepak Clean Tech Limited, which has been incorporated under the Companies Act, 2013 on October 9, 2020. By virtue of the same subscription, Deepak Clean Tech Limited became a wholly owned subsidiary of Deepak Nitrite Limited on October 9, 2020.

The company shall carry out business in the field of manufacture of chemical intermediate products. The cost of acquisition or the price at which the shares are acquired is Rs5 lakh/- (50,000 Equity Shares of T10/- each).

Deepak Nitrite Ltd is currently trading at Rs746.65 up by Rs12.25 or 1.67% from its previous closing of Rs734.40 on the BSE. The scrip opened at Rs739.95 and has touched a high and low of Rs757 and Rs737.90 respectively.

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