Swan Energy Limited completes acquisition of Veritas India Ltd

Swan Energy Limited had completed the following acquisitions of Veritas (India) Limited ("Target Company"):

- Completion of acquisitions of 1,441 equity shares of Re. 1/- each, representing 0.01% of the fully diluted Equity Share Capital, from the existing public shareholders via mandatory open offer at a price of Rs. 126/- per share aggregating Rs. 0.02 Crores. The Open Offer was closed on August 03, 2022 & the payment of consideration was made on August 12, 2022. The Open Offer was for 69,70,600 equity shares representing 26%. However, only 1,441 equity shares were tendered & accepted in the Offer.

- Completion of acquisitions of 1,47,45,720 equity shares of Re. 1/- each, representing 55% of the fully diluted Equity Share Capital, from the existing promoters & promoter group, at a price of Rs. 117/- per share aggregating Rs. 172.52 crores on January 20, 2023. We have completed the above acquisition within stipulated timeline, as per the provision of Reg. 22(3) of SAST Regulations.

Accordingly, Veritas (India) Limited has become subsidiary of the Company.

Shares of Swan Energy Limited was last trading in BSE at Rs. 362.75 as compared to the previous close of Rs. 358.65. The total number of shares traded during the day was 152245 in over 3620 trades.

The stock hit an intraday high of Rs. 369.25 and intraday low of 353.05. The net turnover during the day was Rs. 55086726.00.

Shares of VERITAS (INDIA) LTD. was last trading in BSE at Rs. 271.65 as compared to the previous close of Rs. 266.35. The total number of shares traded during the day was 34214 in over 52 trades.

The stock hit an intraday high of Rs. 271.65 and intraday low of 271.65. The net turnover during the day was Rs. 9294233.00.

Source : Equity Bulls

Keywords

SwanEnergy INE665A01038 VERITASINDIA INE379J01029 Acquisition Subsidiary