Open Offer for Selan Exploration Technology announced at Rs. 200 per share

Blackbuck Energy Investments Limited, has agreed to acquire from the promoter and promoter group members of Selan Exploration Technology Limited, a minimum of 3l,92,000 (Thirty One Lakh and Ninety Two Thousand Only) Equity Shares of the company representing 21.00% of the Voting Share Capital and upto a maximum of 38,15,200 (Thirty Eight Lakhs and Fifteen Thousand Two Hundred Only) Equity Shares representing 25.10% of the Voting Share Capital, at Rs. 200 (Two Hundred Only) per Equity Share, completion of which is subject to the satisfaction of certain conditions precedent.

Pursuant to the above Share Purchase Agreement, an open offer for acquisition of up to 39,52,000 fully paid-up equity shares of face value of Rs. 10 (representing 26.00% of the Voting Share Capital) of the Company has been announced by Blackbuck Energy Investments Limited along with Antelopus Energy Private Limited (as a person acting in concert with the Acquirer, "PAC") at the Offer Price of Rs. 200 (Two Hundred Only) per equity share in cash.

IIFL Securities Limited is the Manager to the Offer by the Acquirer and PAC for the Offer made to the public shareholders of Target Company.

Shares of Selan Exploration Technology Limited was last trading in BSE at Rs. 152.85 as compared to the previous close of Rs. 148.30. The total number of shares traded during the day was 10835 in over 337 trades.

The stock hit an intraday high of Rs. 154.20 and intraday low of 149.40. The net turnover during the day was Rs. 1636155.00.

Source : Equity Bulls

Keywords

SelanExplorationTechnology INE818A01017 OpenOffer Acquisition BlackbuckEnergyInvestments AntelopusEnergy