Swan Energy Ltd to acquire Veritas India Ltd

The Board of Directors of Swan Energy Limited ("SEL") at its meeting held on May 20, 2022 have considered and approved the acquisition of shares and control of Veritas (India) Limited ("Target Company") for the following investments ("Transactions"):

- Purchase of 1,47,45,720 equity shares of Rs. 1/- each, representing 55% of the fully diluted Equity Share Capital, from the existing promoters & promoter group of Veritas India Limited at a price of Rs. 117/- per share aggregating to Rs. 172.52 Crores and

- Acquisition of 69,70,600 Equity Shares of face value of Rs. 1/- each, representing 26% of the fully diluted Equity Share Capital, from the existing public shareholders of Veritas (India) Limited via mandatory open offer at a price of Rs. 126/- per share aggregating Rs. 87.83 Crores or such higher price as may deem fit.

The consideration for the above purchase and acquisition in the open offers will be paid in cash.

Shares of Swan Energy Limited was last trading in BSE at Rs. 290.95 as compared to the previous close of Rs. 276.10. The total number of shares traded during the day was 19759 in over 1843 trades.

The stock hit an intraday high of Rs. 300.70 and intraday low of 277.05. The net turnover during the day was Rs. 5768662.00.

Shares of VERITAS (INDIA) LTD. was last trading in BSE at Rs. 114.15 as compared to the previous close of Rs. 112.80. The total number of shares traded during the day was 6886 in over 97 trades.

The stock hit an intraday high of Rs. 115.05 and intraday low of 110.65. The net turnover during the day was Rs. 783029.00.

Source : Equity Bulls

Keywords

SwanEnergy INE665A01038 VERITASINDIA INE379J01029 Acquisition OpenOffer