Deccan Gold Mines to acquire stake in Geomysore Services (India); Stock hits 52-week high

2 Dec 2022 , 09:20 AM

The Board of Directors of Deccan Gold Mines Limited at their meeting held on November 30, 2022 have approved the proposal to acquire 7,20,973 fully paid-up equity shares in Geomysore Services (India) Private Limited (“GMSI”) representing 44.32% of the present capital of GMSI to the Proposed Allottees.

As per the filing, the transaction is by way of non-cash consideration by issue and allotment of 3,35,36,945 equity shares of face value of Re. 1/- and 14,99,276 Compulsorily Convertible Debentures of face value of Re. 1/- by way of preferential issue.

Geomysore Services (India) Private Limited (“GMSI”) has a granted and executed Mining Lease over its Jonnagiri Gold Project in the State of Andhra Pradesh. GMSI is in advanced stage of commencement of business operations at Jonnagiri.

Further, the objective of acquisition is expansion of business operations by acquisition of business interest in companies operating in mining sector.

At around 9:19 AM, Deccan Gold Mines Ltd is currently trading at Rs50.75 per share up by Rs3.6 or 7.64% from its previous closing of Rs47.15 per share on the BSE.

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