Deepak Fertilisers to raise Rs 180 cr via rights issue

Deepak Fertilisers and Petrochemicals Corporation Ltd (DPFCL) on Monday said its board has approved raising of Rs 180 crore through rights issue.

A committee in this regard has been constituted to decide the pricing of the issue, ratio, record date, appointment of monitoring agency, advertising agency and other things as may be required in accordance with the applicable laws, the company said in a regulatory filing.

In the meeting held on May 25, the company said the Board of Directors "have considered and approved raising of funds by way of issue of equity shares to the existing equity shareholders of the company on rights basis (Rights Issue) for an issue size of upto Rs 180 crore".

The promoter and promoter group of the company have confirmed they will subscribe to the full extent of their aggregate rights entitlement, the filing added.

Set up in 1979 as an Ammonia manufacturer, DFPCL today, is a publicly listed, multi-product Indian conglomerate with a portfolio spanning industrial chemicals, bulk and specialty fertilisers, technical ammonium nitrate and value-added real estate.