 "NCLT okays merger plan of this oil exploration company; shares surge 20%")
Deep Energy Resources shares hit upper circuit: Shares of Oil & Gas Company, Deep Energy Resources, climbed as much as 20 per cent to hit the upper circuit of Rs 317.68 on the NSE, and Rs 316 on the BSE during intra-day deals on Wednesday. Nearly 15.68 lakh shares of the company worth around Rs 47.30 crore on the NSE, and 1.09 lakh shares worth nearly Rs 3.31 crore exchanged hands on the BSE today, leading to the stock getting locked in the upper circuit on the exchanges. The trading of Deep Energy Resources stock has been halted since then.
The northward move in the share price came following the news that the National Company Law Tribunal, Ahmedabad Bench, has sanctioned the composite Scheme of Arrangement amongst Deep Energy Resources, Savla Oil and Gas, and Prabha Energy, and their respective shareholders and creditors.
"...we wish to inform you that the Hon’ble National Company Law Tribunal, Ahmedabad Bench (‘NCLT Ahmedabad’) has sanctioned the scheme and uploaded the copy of the order on its web portal on September 3, 2024," said Deep Energy Resources in a regulatory filing.
Deep Energy Resources is an Oil & Gas Company with business interests in both conventional and unconventional Oil & Gas Exploration and Production.
The oil exploration company commands a market capitalisation of Rs 1,011.84 crore on the BSE and Rs 1,016.58 crore on the NSE, as of September 4, 2024. The company is, however, under Enhanced Surveillance Measure, Stage 1, on the BSE.
Deep Energy Resources shares started today's trading session on a lower note at Rs 262.90 against the previous close of Rs 263.50 on the BSE. The company's stock, however, sprinted northward to hit the day's high as well as the upper circuit of Rs 316.20 following the NCLT approval news. The oil exploration company's stock has yielded a return of 67.11 per cent year-to-date.
Meanwhile, Deep Energy Resources shares have offered a multibagger return in the last one year with a rally of 104.82 per cent.