Thursday , December 12 2019
Home / BUSINESS / Deepak Fertilisers surges on getting nod to raise $30 million in two tranches via FCCBs
Deepak Fertilisers surges on getting nod to raise $30 million in two tranches via FCCBs

Deepak Fertilisers surges on getting nod to raise $30 million in two tranches via FCCBs

Mumbai : Deepak Fertilisers & Petrochemicals Corporation is currently trading at Rs. 152.50, up by 3.10 points or 2.07% from its previous closing of Rs. 149.40 on the BSE. The scrip opened at Rs. 153.70 and has touched a high and low of Rs. 154.95 and Rs. 151.60 respectively. So far 33830 shares were traded on the counter.

The BSE group ‘A’ stock of face value Rs. 10 has touched a 52 week high of Rs. 390.60 on 23-Apr-2018 and a 52 week low of Rs. 104.80 on 24-Jan-2019. Last one week high and low of the scrip stood at Rs. 169.00 and Rs. 144.00 respectively. The current market cap of the company is Rs. 1349.54 crore. The promoters holding in the company stood at 51.50%, while Institutions and Non-Institutions held 6.82% and 41.68% respectively.

Deepak Fertilisers & Petrochemicals Corporation has received in-principle approval for offering Foreign Currency Convertible Bonds (FCCBs) aggregating upto $30 million in two tranches to International Finance Corporation (IFC) upon opening of the issue by the Securities Issue Committee of Directors. The Board of Directors of the Company at its meeting held on April 22, 2019 has approved the same.

The Board has further granted an in-principle approval for issue of Compulsory Convertible Debentures (CCDs) by Smartchem Technologies (a wholly owned subsidiary of the Company) aggregating upto $30 million in two tranches to IFC. Deepak Fertilisers & Petrochemicals Corporation business can be broadly categorized into Chemicals, Agribusiness and Specialty Retailing. The company’s chemical division manufactures Methanol, various grades of Nitric Acid and Ammonia.