Deepak Fertilizers And Petrochemicals Corporation Limited has informed the Exchange about intimation under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
DEEPAKFERT · price
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Deepak Mining Solutions Limited (DMSL), a wholly owned subsidiary of Deepak Fertilizers, has bought the remaining 15% stake in its Australian step-down subsidiary Platinum Blasting Services Pty Limited (PBSPL), taking its shareholding from 85% to 100%. The deal was done for about AUD 1.07 crore equivalent to roughly INR 62.80 crore. The transaction was priced at the same valuation as the earlier round (65% to 85%) and was based on a Big Four accounting firm's valuation report using an earnings multiple. With this, PBSPL — which manufactures mining chemicals and provides end-to-end mining solutions and is a dividend-paying entity — has become a wholly owned subsidiary of DMSL, and in turn a wholly owned step-down subsidiary of the company.
Positive for shareholders as the company consolidates 100% ownership of a dividend-paying overseas mining solutions arm, allowing it to capture the full future earnings and cash flows of PBSPL. The deal size is small relative to the parent and was struck at a fair, independently valued price, limiting dilution or value-transfer concerns.