Deccan Gold Mines breaches upper circuit

DSIJ Intelligence / 28 Jul 2017

Deccan Gold Mines breaches upper circuit

The shares of Deccan Gold Mines (DGML) surged by over 19% intraday on Friday trading session on the back of the reports that Vedanta has initiated talks to acquire a controlling stake in DGML.

The shares of Deccan Gold Mines (DGML) surged by over 19% intraday on Friday trading session on the back of the reports that Vedanta has initiated talks to acquire a controlling stake in DGML. 
 
The stock of DGML locked at Rs 52.40 per share on the BSE. 
 
Vedanta wants to acquire the stake as it seeks to get a bigger foothold in the new segment of precious metal mining in the country. 

As per a leading news agency, Vedanta is likely to buy a 26% stake to begin with and that in turn will trigger an open offer, giving it the opportunity to get a controlling ownership.
 
The promoters own 27.59 % of the company, held via Rama Mines (Mauritius Ltd.) while the rest are held by public shareholders. 

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