Deepak Mining To Raise ₹8 Billion From Tata Capital, SCM Growth

Deepak Fertilisers & Petrochemicals Corp. on Wednesday said its wholly-owned subsidiary, Deepak Mining Solutions Ltd., will raise ₹8 billion through convertible debentures via private placement.

Of the total amount, ₹5 billion will be raised from Tata Capital Ltd., and ₹3 billion from SCM Growth LLP, the company said in an exchange filing.

The funds will be used to bolster long-term resources, fund acquisitions and capital expenditure, reimburse previously incurred capex, strengthen the balance sheet, and meet general corporate needs.