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PUNE: Deepak Nitrite Ltd has informed the BSE that its board of directors at its meeting held on Friday has approved the issue of 29,91,031 equity shares of Rs 10 each. The issue is subject to the necessary approvals of SEBI, stock exchanges and other statutory authorities.

The shares are to be issued for cash at a premium of Rs 140 each to the company's equity shareholders on a rights basis.

This will be in the ratio of two equity shares for every four equity shares held, along with 14,95,516 detachable warrants in the ratio of one detachable warrant for every two such equity shares allotted under the rights issue on the record date.

The detachable warrant attached to the rights share carries an option for an equity share of Rs 10 to be issued for cash at a premium of Rs 240 each.

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