Deep Industries demerges oil & gas service business
Deep Industries Ltd (Deep) is a listed public company primarily in two business segments: (a) Oil and Gas Services Business comprising of air and natural gas compression services, gas dehydration, work over and drilling rig services and (b) Oil and gas exploration and production. Deep CH4 Private Limited (Deep CH4) is a promoter group company. At present, the company does not have any operating business. TRANSACTION Deep Industries (Demerged Company) will demerger its Oil and Gas Service business to Deep CH4 (Resultant Company). All Services business assets i.e. Rigs, Gas compressors Packages, Gas Dehydration Packages, employees with technical competence, existing contracts, other requisite assets & liabilities relating to services business shall be transferred to new entity Appointed date for the transaction is April 1, 2017. Share exchange ratio is 1 (one) fully paid up equity share of Rs. 10 each of the Resulting Company for every 1 (one) equity share of t...