COC approves insolvency resolution of Deep Industries' subsidiary for Dolphin Offshore

The Committee of Creditors (COC) of M/s. Dolphin Offshore Enterprises (India) Ltd ('Corporate Debtor' or 'Dolphin'), a company undergoing insolvency resolution process under the Insolvency and Bankruptcy Code, has approved the Resolution Plan submitted by Deep Industries Limited ('Deep') through its wholly owned subsidiary - Deep Onshore Services Private Limited ('Deep Onshore'), and the Resolution Professional appointed by the Hon'ble National Company Law Tribunal, Mumbai (the 'NCLT') has issued a Letter of Intent dated February 7, 2022 to the Company intimating about the approval of the Resolution Plan by COC.

Under the approved Resolution Plan, Deep Onshore will acquire the assets of Dolphin. Dolphin has been servicing the Offshore Oil and Gas Industry by providing diving, underwater engineering and allied services. The proposed acquisition, if approved, would be a natural extension of Deep's existing business of Oil and Gas Services. Deep Industries is a long term net debt free company and the proposed acquisition will be funded primarily through internal accruals.

The closure of the transaction shall be subject to obtaining necessary approval from the Adjudicating Authority i.e. NCLT.

Shares of Deep Industries Ltd was last trading in BSE at Rs. 185.20 as compared to the previous close of Rs. 183.20. The total number of shares traded during the day was 3571 in over 134 trades.

The stock hit an intraday high of Rs. 190.60 and intraday low of 181.85. The net turnover during the day was Rs. 665262.00.

Source : Equity Bulls

Keywords

DeepIndustries INE0FHS01016 COC InsolvencyResolution Approval DolphinOffshoreEnterprisesIndia