Diversified fertilisers player, Deepak Fertilisers and Petrochemicals Corporation Ltd has acquired 49 per cent equity stake, with management control in Navsari-based Desai Fruits And Vegetables Pvt Ltd (DFV) for a total of Rs 60.77 crore. As per the deal, Deepak Fertilisers will invest Rs 60.77 crore through fresh issue of equity shares to be paid for over the next 30 months, the company informed in a statement filed with the Bombay Stock Exchange (BSE).
The investment by Deepak Fertilisers would lead to a dilution of the existing holdings of European strategic investor consortium as well as the Indian promoters. The deal values the firm at Rs 124 crore. The current market value of the facilities and infrastructure of DFV is close to Rs 24 crores.