Deepak Mining Solutions Ltd to acquire 100% in Explosives Manufacturer

Deepak Mining Solutions Limited (DMSL), a wholly owned subsidiary of Deepak Fertilisers And Petrochemicals Corporation Limited, has entered into an agreement to acquire 100% Equity Shares of an explosives manufacturer, from its existing shareholders for a consideration agreed between the parties subject to certain conditions precedents to be completed by the parties before the specified date.

The proposed acquisition is subject to completion of conditions precedents and successful closing of transaction. Due to confidentiality obligations, further details, including the name of the target, transaction value etc., will be shared upon successful closure of transaction.

The aforesaid acquisition will help in Exports of Value-added products and services drawing support from the upcoming Technical Ammonium Nitrate (TAN) capacities in DMSL's Gopalpur TAN plant. It will also help in export of differentiated products to DMSL's 100% owned Mining Services subsidiary in Australia.

Shares of Deepak Fertilizers and Petrochemicals Corporation Limited was last trading in BSE at Rs. 1252.25 as compared to the previous close of Rs. 1251.20. The total number of shares traded during the day was 4109 in over 435 trades.

The stock hit an intraday high of Rs. 1270.30 and intraday low of 1244.85. The net turnover during the day was Rs. 5154121.00.

Source : Equity Bulls

Keywords

DeepakFertilizersandPetrochemicalsCorporation INE501A01019 DeepakMiningSolutions Acquisition ExplosivesManufacturer