Deccan Gold Mines Limited (BSE:512068) agreed to acquire 60% stake in Avelum Partners LLC from Med Edu Care Marketing Management and Hira Infra-Tek Limited for INR 990 million on July 8, 2023. Deccan Gold will acquire 105 million common shares in Avelum Partners by way of non-cash consideration as share swap by issue and allotment of 18.5 million common shares of Deccan Gold Mines. As of December 31, 2022, Avelum Partners reported revenue of INR 35.471 million and PAT Loss of INR 87.850 million. As on September13, 2023 Board of Directors of the Company, at their meeting held considered and approved allotment of 18.5 million common shares. The transaction is subject to receipt of regulatory approvals. The transaction has been approved by Deccan Gold. The transaction is expected to close on or before December 31, 2023.

Deccan Gold Mines Limited (BSE:512068) completed the acquisition of 60% stake in Avelum Partners LLC from Med Edu Care Marketing Management and Hira Infra-Tek Limited on September 28, 2023.