Deccan Gold Mines has informed that the Board of Directors of the Company at its meeting held on August 22, 2015, have revised the Issue Price to Rs 17 per share (including nominal value of Re 1 per share and premium of Rs 16 per share) of the proposed Rights Issue. It may be noted that the Company had earlier announced a Rights Issue in the ratio of 1 rights share for every 2 shares held as on the Record Date at an Issue Price of Rs 15 per share (including nominal value of Re l per share and premium of Rs l4 per share). The present paid-up capital of the Company is 59,218,250 equity shares and accordingly 29,609,125 equity shares are proposed to be issued on Rights Basis. Due to the revision in issue price, the issue size will get revised from INR 444.14 million (29,609,125 equity shares at the rate of Rs 15) to INR 503.36 millon (29,609,125 equity shares at the rate of Rs 17)-an increase of INR 59.22 million. The additional funds are sought to be utilized by the Company for general corporate purpose and investment in subsidiary to establish a presence in Australia to facilitate the recruitment of technical personnel and access to other mining resources for development of our gold projects.
The above information is a part of company’s filings submitted to BSE.
