Mumbai, July 11: Deccan Gold Mines Ltd (DGML) will raise Rs 5 crore through 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 Re 1 each for cash at par on a renounceable rights basis to existing shareholders of DGML in the ratio of 20:1 (20 shares for one share held), DGML chairman Charles Devenish told reporters here on Thursday.
DGML is promoted by Australia-based exploration group AIR. Rama Mines (Mauritius) Ltd along with another entity promoted by AIR hold more than 80 per cent equity in the DGML.

"The majority shares in DGML are owned by shareholders of AIR. However, the public listing in Mumbai will enable the Indian public to also own shares in the company," he said.
Presently, the issued and subscribed share capital of the company is Rs 24.50 lakh which would increase to Rs 5.14 crore after the rights issue. Bureau Report