 "Tridevi Capital Partners to invest $20 million in Deep Industries arm")
Tridevi Capital Partners to invest $20 million in Prabha Energy Private Limited, a subsidiary of BSE-listed Deep Industries Limited. The subsidiary valuation is estimated to be $50 million.
The investment shall be made through subscription of compulsorily convertible debentures, which shall represent 40 per cent equity stake in PEPL on diluted basis upon conversion in equity shares. The consummation of the transaction is subject to fulfilment of the customary conditions precedent.
This investment is possibly the first PE investment in the coal bed methane sector in India and also possibly the first project-based investment in oil and gas sector in India, says the company.
The money will be utilised for capital and operating expenditure for the development and production of natural gas from the coal-bed methane block located in North Karanpura coal field(s) in Jharkhand. PEPL holds 25 per cent participating interest NK-CBM Block.
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