Hi Sougata, I dont have any views on this, although read about it in an article
I’ll paraphrase from this magazine which is a great source to read up on current M&A deals
Key Pointers as covered in the article in it:
Refex Industries has a Wholly owned subsidiary Refex Green Mobility which has this cabs business. In Step-1 this will merge with Refex Industries. In step 2, it will again demerge into a separate listed company with mirror shareholding as per Refex Industries.
This green cabs business was started in 2023 itself and is very small. Topline ~29 crs and Loss 7 Crs. Refex consol. topline is 2468 crs and PAT 158 crs - so this business only ~1% of topline
My words=> Listing it out separately right now is a bit puzzling as not sure what valuation this tiny business will get. Another puzzling thing is low consol. debt of group but pledge of promoter shares of ~27%
Disc.: I have no idea about the company/business - just paraphrasing here from the magazine article (as i didnt want to share screen clippings - ppl can subscribe as monthly price is just Rs.150/-). Plus saw the promoter pledge on the exchange, which is a bit puzzling.
Below are back of the envelope calculations on valuation of Apollo businesses. Note: Numbers used are ESTIMATES to arrive at BALL PARK VALUATION range.
Hospital / Healthcare
Min
Max
EBITDA (cr)
2700
2800
EV/EB
29
32
Valuation (cr)
78300
89600
Disgnostic + Retail Health
Min
Max
EBITDA (cr)
155
175
EV/EB
25
30
Valuation (cr)
3875
5250
Pharmacy & Digital Health
Min
Max
Sales (cr)
9100
10000
P/S
1.0
1.2
Valuation (cr)
9100
12000
Combined Value of Entity could be ~Rs91,000cr - Rs107,000cr. Current MCap is ~ Rs102,000cr.
any thoughts on Demerger of veranda learning ? JK shah business has great potential they expect FY26 PAT can be Rs 100 Crs market cap currently is 1700 Crs-1900 Crs. Next year there will be more growth in Jk shah
Bhagyanagar India will be de-merged into two entities. One will focus on copper recycling business and another will handle the upcoming real estate business. Shares will be divided 1:1.
Current value of land near Hyderabad is more than market cap. Copper business is targeting 5000 cr revenue in FY 28. TTM revenue is ~2100 cr right now. Very interesting!
Yes but with lux industries demerger we have to see but many problems with this company no regular concalls are happening not able to track what are plans are after 2022 they are not doing this
BASF announced demerger of Agriculture Solutions Business , the record date is yet to be announced as per details in their AR-2025
Demerger of Company’s Agricultural Solutions Business BASF SE, Germany (Ultimate Holding Company and Promoter of the Company) has globally implemented a more differentiated approach for steering its businesses in line with the principles of empowerment, differentiation and simplification. The global Agricultural Solutions business would be part of this differentiated steering approach. In line with the global Differentiated Steering approach, the Board of Directors of your Company, at its meeting held on December 19, 2024, has accorded its in-principle approval for demerger of Company’s Agricultural Solutions business into a separate listed legal entity. This would enable business & operational flexibility, leverage differentiated steering and create value for the stakeholders. The Company’s Agricultural Solutions business has generated sales of Rs. 20,647.3 million, representing 13.6% of the total revenues of the Company for the financial year ended March 31, 2025. In connection with the above, based on the recommendation of the Audit Committee, the Board of Directors of your Company at its meeting held on April 25, 2025, have approved the acquisition of 7 fully paid equity shares of BASF Agricultural Solutions India Ltd having face value of Rs. 10 each for a cash consideration aggregating Rs. 70/- (as per independent fair valuation), from BASF SE, Germany and its nominee shareholders. The said transaction was concluded on May 2, 2025 and consequently BASF Agricultural Solutions India Ltd has become a wholly owned subsidiary of the Company, effective May 2, 2025. Further, the Board of Directors of the Company at its meeting held on May 14, 2025, inter alia, has approved the Scheme of Arrangement (“Scheme”) amongst the Company (“Demerged Company”), BASF Agricultural Solutions India Ltd (“Resulting Company”) and their respective shareholders, providing for the demerger of the Company’s Agricultural Solutions Business (as defined in the Scheme) to BASF Agricultural Solutions India Ltd and various matters incidental thereto (“Proposed Transaction”) in compliance with Sections 230 to 232 and other applicable provisions of the Companies Act, 2013. Upon the Scheme coming into effect and in consideration of and subject to the provisions of the Scheme, the Resulting Company shall issue and allot, on a proportionate basis to the shareholders of the Demerged Company whose names are recorded in the register of members and records of the depository as shareholders of the Demerged Company as on the Record Date (as defined in the Scheme) as follows: 1 (One) fully paid-up equity share of the Resulting Company having face value of Rs. 10 (Rupees Ten) each for every 1 (One) fully paid-up equity share of Rs. 10 (Rupees Ten) each of the Demerged Company. The Proposed Transaction is, inter alia, subject to receipt of requisite approvals from statutory and regulatory authorities, including the approval from the shareholders and creditors of the Company and Hon’ble National Company Tribunal,
