This is to inform you that pursuant to Regulation 30 of the Listing Regulations, the Board at its meeting held today i.e., Wednesday, April 16, 2025, through video Conferencing, inter alia, ....
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The Board of Directors of Deep Diamond India Limited met on April 16, 2025, via video conferencing and approved three key items. First, the company reduced the size of its proposed Rights Issue from Rs. 45 crores to Rs. 40 crores, with fully paid-up equity shares of face value Re. 1 each to be offered to existing shareholders. Second, a Rights Issue Committee was constituted to finalise terms such as issue price, entitlement ratio, record date, and timing. Third, Mrs. Laveena Pokharna (postgraduate in BBA and M.Com) was appointed as the Chief Financial Officer for a five-year term effective April 16, 2025.
For existing shareholders, a Rights Issue of up to Rs. 40 crores is on the way, meaning they will likely get an opportunity to subscribe to additional shares in proportion to their current holdings, which could lead to some dilution. The reduction in issue size from Rs. 45 crores to Rs. 40 crores suggests slightly lower capital raise than previously planned. The new CFO appointment signals a focus on financial governance ahead of the fundraising.