Deep Industries navigates to greener pastures on fresh private investments
DSIJ Intelligence / 20 Dec 2016
Deep Industries, which is in the business of oil and gas services exploration and production, on December 20 has closed at Rs 299, up by 2.75 per cent.
Deep Industries, which is in the business of oil and gas services exploration and production, on December 20 has closed at Rs 299, up by 2.75 per cent. The shares of the company have largely surged owing to the news that it has executed definite documents for the proposed capital investment by Tridevi Capital Partners in its subsidiary, Prabha Energy Pvt., Limited. Tridevi will do an investment of USD 20 million to get 40 per cent equity stake in the company.
The company has also informed the bourses that this investment is possibly a first private investment in the Coal Bed Methane sector in India and possibly the first project based investment in oil and gas sector in India. Deep Industries plans to utilise these funds for its capital and operational expenditure for the development of natural gas and coal bed methane block located in North Karanpura Coalfields.
The shares of Deep Industries, in the last three months have surged by 50 per cent. Fifty-two-week high/low of the scrip stands at Rs 313.20/117.
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