Deep Industries enters capital market
Air and gas compression services provider to oil and gas exploration companies, Deep Industries Limited will enter the capital market on August 29 with a fixed price IPO of 1,13,00,000 equity shares of Rs 10 each.
By PTI |
JAIPUR: Air and gas compression services provider to oil and gas exploration companies, Deep Industries Limited will enter the capital market on August 29 with a fixed price IPO of 1,13,00,000 equity shares of Rs 10 each.
The price shares are Rs 36 aggregating to Rs 40.68 crores.
The issue constituting 56.50 per cent of the post issue paid up capital of the company closes on September 4, its Senior Manager Sanjeev Gupta told a press conference here on Friday.
Deep Industries Ltd proposes to utilise the funds raised through this public issue to part finance its plans for procurement of plant and machinery for business expansion and office equipments valued at Rs 51.50 crores, he said.
The total fund requirement along with working capital need is estimated at Rs 60.28 crores, he added.
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Its Executive Officer Rupesh Sarola said the company currently owned a set of 10 compressor packages to execute its services, out of which 2 are currently deployed in the US. Further, 3 compressors have been deployed at ONGC site for executing compression contract, he said.It has a leased facility in Gandhinagar, Gujarat, to undertake refurbishment, repairs and retrofitting of the existing/newly acquired equipment of self and client, he said.
The company has now been providing compression services to clients like ONGC since the last 9 years. Other clients include GACL, IOC etc.
It aims to become an integrated service provider to the oil and gas industry. For this purpose it has purchased one 100 tonne cardwell kb 500 work over rig for providing mobile work over rig services.
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