Deccan Gold Mines announced that its board of directors has approved raising of funds upto Rs 58.70 crore for development of two projects.
The funds will be primarily utilised or invested for development of the Jonnagiri Gold Project of its associate company and the Kyrgyzstan Gold Project of its subsidiary company.With the proposed funding as above / funds receivable upon conversion of warrants issued during September, 2023 the company said that it expects to meeting the timeline for commencement of gold production in Jonnagiri by end of October 2024 & Kyrgyzstan by end of 2024 as envisaged.
Deccan Gold Mines (DGML) is involved in gold exploration activities in India and overseas.
Deccan Gold Mines reported a consolidated net profit of Rs 9.46 crore in Q3 FY24, steeply higher from Rs 0.84 crore in Q3 FY23. Revenue from operations faced a marginal increase to Rs 0.06 crore in Q3 FY24 as compared to Rs 0.00 crore in Q3 FY23.
The scrip fell 0.38% to trade at Rs 132.50 on the BSE.
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