Meanwhile, the S&P BSE Sensex was down 82 points or 0.31% at 26,292.70

On the BSE, 1.77 lakh shares were traded on the counter so far as against the average daily volumes of 70,819 shares in the past one quarter. The stock hit a high of Rs 313.20 in intraday trade so far, which is record high for the counter. The stock hit a low of Rs 297.50 so far during the day. The stock had hit a 52-week low of Rs 117 on 26 February 2016. The stock had outperformed the market over the past 30 days till 19 December 2016, rising 29.22% compared with the 0.86% rise in the Sensex. The scrip also outperformed the market in past one quarter, surging 49.19% as against Sensex's 7.53% decline.

The small-cap company has equity capital of Rs 32 crore. Face value per share is Rs 10.

Deep Industries said that the investment shall be made through subscription of compulsorily convertible debentures, which shall represent 40% equity stake in Prabha Energy on fully diluted basis upon conversion of equity shares, for a cash consideration of $20 million at a total valuation of Prabha Energy at $50 million. Prabha Energy is engaged in activities relating to exploration, production, development, mining, marketing, transportation of CBM in India.

The funds invested would primarily be utilised for capital and operating expenditure for the development and production of natural gas from coal bed methane block in north Karanpura coalfields (NK-CBM) in Jharkhand. Prabha Energy holds 25% participating interest in NK-CBM block.

Deep Industries' net profit rose 109.36% to Rs 16.77 crore on 97.14% growth in net sales to Rs 67.50 crore in Q2 September 2016 over Q2 September 2015.

Deep Industries is engaged in business of oil and gas services, exploration and production.