/ Deep Industries Receives Private Equity Investment Of $20 Million ~ Ways2Capital|Stock Tips|Stock Market Tips|Intraday Stock Tips|Stock Trading Tips|NSE BSE Tips

Wednesday, 21 December 2016


Deep Industries Limited on December 19, 2016 executed the definitive documents for the proposed primary capital investment by Tridevi Capital Partners (I) LP (Tridevi) in its subsidiary, Prabha Energy Private Limited (PEPL).

The investment shall be made through subscription of compulsorily convertible debentures, which shall represent 40% equity stake in PEPL on fully diluted basis upon conversion in equity shares, for cash consideration of $ 20 million at a total valuation of PEPL at $ 50 million. The consummation of the transaction is subject to fulfilment of the customary conditions precedent.

This investment is possibly the first private equity investment in the Coal Bed Methane sector in India and also possibly the first project based investment in Oil and Gas sector in India.

The funds invested would primarily be utilised for capital and operating expenditure for the development and production of natural gas for the coal bed methane block located in North Karanpura Coalfield(s) (“NK-CBM-2001/1”), in the State of Jharkhand, India. PEPL holds 25% participating interest in the NK-CBM Block.

Mazars India acted as the financial advisor and Krishnamurthy & Co. (K Law) acted as legal counsel for PEPL. Luthra & Luthra Law Offices acted as the legal counsel for Tridevi.

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