Deccan Gold plans rights issue

Newstime, 11 July 2003 :

Mumbai: Deccan Gold Mines Ltd (DGML) will riase Rs 5 crore through a rights issue to intensify its exploration activities and increase the Indian equity participation. The gold exploration company plans to issue 4.9 crore equity shares of Rs One each for cash at par on a renounceable rights basis to existing shareholders of DGML in the ratio of 20:1 (20 ahres for one share held), DGML chairman Charles Devenish told newsmen here on Thursday. DGML is promoted by Australia-based exploration group AIR, Rama Mines (Mauritius) Ltd and another entity promoted by AIR hold more than 80 percent equity in DGML.