The explosive, identified as ammonium nitrate, was found concealed in two gunny bags.
The raid was carried out by a special police squad attached to the Election Commission following a tip off.
The confiscation assumes importance in the backdrop of 1 kg of ammonium nitrate had been used in the explosion triggered in front of the state BJP office on Temple Street, Malleswaram, Bangalore.
Police officers probing the Malleswaram blast, however, denied any knowledge about the Shimoga dump.
The special police squad which was waiting on the outskirts of the city on Saturday night spotted a person on a bike entering a nearby farmhouse and followed him.
The two bags contained ammonium nitrate, 30 gelatin rods, 35 connected capes and 10 without it, altogether weighing about 50kg.
The development triggered panic among local residents amidst the ongoing campaign for May 5 Karnataka Assembly polls. It could be recalled here that police in Shimoga had nabbed two persons including one from Andhra Pradesh's Ananthpur district and confiscated explosives at Sulebyle forest range in Shimoga in March.
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