Deepak Nitrite Limited — Capital/Financing Update 2022

Nov 9, 2022

DNL/138/BSE/827 /2022 November 9,2022

Department of Corporate Services BSE Limited Phiroze Jeejeebhoy Towers, Datal Street, MUMBAT - 400 001

Dear Sir,

Scrip Code: 506401

Sub: Outcome of the Board Meetine

This is with reference to intimation given by the Company to the Stock Exchanges dated 4th March, 2020, with regard to approval granted by the Board of Directors of the Company for investment in the equity capital of Deepak Oman Industries FZC LLC ('DOIL'), a Limited Liabil.ity Company incorporated in Suttanate of Oman.

In this regard, we woutd [ike to inform that due to outbreak of Covid-19 pandemic, the said project at DOIL was hatted and no investment was made by the Company pursuant to eartier approva[ granted by the Board of Directors of the Company as mentioned above.

Further, with revised economic conditions and business case for the said project, the Board of Directors of the Company, at their Meeting hetd today has granted its approval for investment upto 51% of the Equity Share Capital of DOIL, at an approximate cost of US 5 14.4 Mn.

The details as required under Regutation 30 of Securities and Exchange Board of India (Listing Obtigations and Disctosure Requirements) Regutations, 2015 read with SEBI's Circutar No. CIR/CFD/CMD4/2015 dated September 9,2015 is enctosed as Annexure-A.

The Meeting of Board of Directors commenced at 2:00 P.M. and conctuded at 7:35 P.M.

We request you to kindty take the above on record.

Thanking you,

Yours faithfutty .. FoT DEEPAK NITRITE LIMITED

BAJPAI postalCode=390021, st=GUJARAT, df9bb, cn=ARVIND BAJPAI, l=VADODARA,

ARVIND BAJPAI Compony Secretory

Enc[: As above

DEEPAK NITRITE LIMITED

CIN: 124110GJ1970P1C001735 Registered & Corporate Office: Aaditya- I, Chhani Road, Vadodara -390 024. cujarat, India. Tet: +91 265 276 5200/396 0200 | Fax: +91 265 ^{2765344 I}nvestor Retations Contact: investor@ godeepak.com www.godeepa k.com ARVIND

Annexure - A

As required under Regulation 30 of the Listing Regulations, as amended, clR/cFD/cMDl4lzo15 dated september 9,2015 details are given below: read with SEBI circular no.

	F'w*,1	Details
1.	Name of the target entity, detaits in brief such as size, turnover etc.	Deepak Oman lndustries FZC LLC ('DOIL'), a company incorporated in Suttanate of Oman. The present paid up capital of DOIL is 16,57,195 Equity Shares of Omani Riyal ('RO') 1 each. DOIL is yet to start its commercial activities.
2.	Whether the acquisition would fatt within Retated Party Transaction(s) (RPT) and whether the Promoter/ Promoter Group/ Group Companies have any interest in the entity being acquired?	DOIL is a Retated Party as per relevant provisions of Indian Accountine Standards.
	lf yes, nature of interest and detaits thereof and whether the same is done at "arms length".	The proposed investment in DOIL witt be made at "arms length".
3.	lndustry to which the entity being acquired betongs	ChemicaI Industry
4.	Objects and effects of acquisition (inctuding but not limited to, disctosure of reasons for acquisition of target entity, if its business is outside the main line of business of the listed entitv)	Equity stake in an upcoming Chemicats manufacturing Company which benefits from low cost inputs of raw materiats and energy and ptans to serye the gtobal markets.
5"	Brief detaits of any governmental or regutatory approvals required for the acquisition	No governmental or regutatory approvals is required for the said investment. The proposed investment wi[[ be in comptiance with relevant FEMA/RBl Resulations.
6.	lndicative time period for comptetion of the acquisition	The purported investment is in the Greenfield project and the investment woutd be compteted within a period of two to three vears.
7.	Nature of consideration - whether cash consideration or share swap and detaits of the same	Cash by way of transfer of money by normal banking channel.

DEEPAK NITRITE LIMITED

Cl N: 124110GJ1970P1C001735 Registered & Corporate Office: Aaditya - l, Chhani Road, Vadodara -390 024. Gujarat, I ndia. fel:+91265276 5200/396 0200 | Fax: +91 265 ^2765344 Investor Relations Contact: investor@ godeepak.com www.godeepak.com

	Cost of acquisition or the price at which the shares are acquired	Such number of Equity Shares of RO 1 each, not exceeding 51% of total Equity Share Capital of amountinq to approx. USD 14.4 Mn.
	Percentage of sharehotding / controt acquired and / or number of shares acquired.	Investment in equity capita[ of DOIL not exceeding 51% of total equity capital of DOIL, by way of ion. acquisition or otherwise.
	Brief background about the entity acquired in terms of products/tine of business acquired:	DOIL witt be setting up a project to manufacture Sodium Nitrite, Sodium Nitrate, in Satatah Free Zone, Suttanate of Oman.
	Date of lncorporation	13th April, 2014.
	History of last three (3) years Turnover	NA.
	Country in which the acquired entity has presence and any other significant information (in brief)	Presentty, DOIL is not carrying any activities and is intending to set up a Greenfietd project in Satatah Free Zone. Suttanate of Oman.

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DEEPAK NITRITE LIMITED

Cl N: 124110GJ1970P1C001735 Registered & Corporate Office:

Aaditya-1, Chhani Road, Vadodara-390 024. Gujarat, India. fel:+91265276 5200/396 0200 | Fax: +91 265 ^2765344 Investor Relations Contact: investor@ godeepak.com www.godeepak.com