The Board of Directors of Deepak Nitrite Limited has granted approval to acquire further 4,95,824 equity shares having face value of Omani Rial (OMR) 1 each of Deepak Oman Industries FZC LLC (DOIL), equivalent to approx. US$ 12,87,853 through acquisition as well as by way of subscription and thereby increasing its shareholding in DOIL from 31.72% to 51% and making it a subsidiary of the company.

Give Corporate Guarantee to DOIL, subsequent to above acquisition, for the purpose of securing the Term Loan, to be obtained by DOIL from Export Import Bank of India, of approx. US$ 49 million and also to cover interest and other charges thereon.

Out of the proposed acquisition of 4,95,824 equity shares having face value of Omani Rial (OMR) 1 each of DOIL, (a) 4,40,924 equity shares of DOIL, equivalent to approx. US 5 11,45,256 shall be acquired at par from Deepak Gulf LLC ('DGL'), a related party; and (b) the remaining 54,900 Equity Shares shall be acquired by way of subscription in DOIL through fresh issue of Shares 'at par' for an amount equivalent to US 5 1,42,597. The above acquisitions shall be on arm's length basis and based on a Valuation Report.