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Hot Pursuit
18-Feb-25
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Deepak Fertilisers increases stake in Australian subsidiary upto 85%
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Deepak Fertilisers & Petrochemicals Corporation has announced that its wholly owned subsidiary, Deepak Mining Solutions (DMSL), has increased its shareholding in its Australian subsidiary, Platinum Blasting Services Pty, from 65% to 85%.
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This move aligns with DMSL's strategy to transition from a commodity-based business to offering holistic mining solutions. DMSL, which manufactures mining chemicals and provides comprehensive solutions across the entire value chain of mining operations, has acquired additional shares from other existing shareholders of Platinum Blasting Services Pty, a step-down subsidiary of the company. The total consideration for this transaction amounted to 11.78 million AUD, approximately Rs 64.10 crore.
The enhancement of shareholding by DMSL in its dividend-paying subsidiary has been consummated based on a valuation guidance report from one of the Big Four accounting firms in Australia, based on earnings multiple.
The company confirmed that the transfer of shares was approved by Platinum Blasting Services Pty on 17th February 2025.
Deepak Fertilisers and Petrochemicals Corporation is a manufacturer of fertilizers and chemicals.
The company’s consolidated net profit surged 335.56% to Rs 250.71 crore on 39.21% increase in revenue from operations to Rs 2,579.02 crore in Q3 FY25 over Q3 FY24.
The scrip slipped 3.37% to Rs 952.20 on the BSE.
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