The board of Deccan Gold Mines Limited has approved the proposal to acquire share capital aggregating to 10,50,00,000 KGS (Kyrgyzstani Som) in Avelum Partners LLC, Kyrgyzstan, representing 60 per cent of the present capital of Avelum from Hira Infra-Tek Limited, India, and Med Edu Care Marketing Management, Dubai. The acquisition would be through non-cash consideration as share swap by issue and allotment of about 1.85 crore shares via preferential issue.
Similarly, the board has also approved a proposal to acquire share capital aggregating 810 shares in Kalevala Gold Oy, Finland, representing 31.52 per cent of the present capital of Kalevala from Lionsgold India Holdings Ltd, Mauritius. The acquisition would be through non-cash consideration as share swap by issue and allotment of 11,51,181 shares via preferential issue. The company has an option to add another 10 per cent in Avelum and 18.48 per cent in Kalevala at an appropriate time.
For every 533 Shares held in Avelum, the prospective shareholders would be issued 94 equity shares of the face value of Deccan Gold. Similarly, for every 33 shares held in Kalevala, the prospective shareholders would be issued 46,900 of Deccan Gold.
The conversion price for share swap would be ₹53.47 a share, Deccan Gold said.