Deepak Fertilisers' mining solutions arm hikes stake in Platinum Blasting Services

Deepak Fertilisers and Petrochemicals Corporation Ltd (DFPCL) on Monday (February 17) said its wholly-owned subsidiary, Deepak Mining Solutions Ltd (DMSL), has increased its stake in Platinum Blasting Services Pty Ltd, an Australian subsidiary, from 65% to 85%.

The transaction, valued at AUD 11.78 million (₹64.1 crore), involved purchasing shares from existing shareholders.

Platinum Blasting Services, a dividend-paying subsidiary, provides mining solutions across the value chain. The acquisition aligns with DMSL's strategy of transitioning from a commodity-based business to offering comprehensive mining solutions.

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"The said enhancement of shareholding by DMSL in its dividend-paying subsidiary has been consummated based on valuation guidance report from one of the Big 4 accounting firms in Australia, based on earnings multiple," according to a stock exchange filing.

The valuation was based on an earnings multiple, as per guidance from a Big 4 accounting firm in Australia. The transfer of shares was approved by Platinum Blasting Services Pty Ltd on February 17.

"We have received the confirmation from Platinum Blasting Services Pty Ltd. regarding the approval of the transfer of aforesaid shares today i.e. 17th February 2025, around 01:33 p.m.," it added.

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Shares of Deepak Fertilisers and Petrochemicals Corporation Ltd ended at ₹989.70, down by ₹12.30, or 1.23%, on the BSE.