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The board of directors of Deccan Gold Mines has approved a 1:2 rights issue, i.e. one share for every two held in the company at ₹15 a share. The offer price represents a steep discount of ₹34.40 from the closing price of the stock on Tuesday.
The BSE-listed Deccan Gold Mines ended 11.6 per cent higher at ₹49.40.
The board has also approved raising of the ceiling for overall investment for non-resident Indians and persons of Indian origin to 24 per cent from 10 per cent of the paid-up capital of the company, according to a company notice on the BSE.
Currently, foreign institutional investors hold only 3.05 per cent stake in the company. About 19,800 retail shareholders control 41.73 per cent stake in Deccan Gold.
The board will fix the record date after receipt of regulatory approvals.
The board had in November approved raising ₹360 crore through a rights issue.
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