Swan Energy Limited has acquired a 55% stake in Veritas (India), a producer of petrochemicals and petroleum products, for Rs 172.52 crore, the company announced today.
“Under the cash agreement, SEL has raised 55% of the fully diluted share capital of the existing group of developers and promoters of Veritas (India) Limited by purchasing 1,47,45,720 shares at a price of Rs 117 per share, for a total of Rs 172.52 crore,” the company said.
SEL will acquire an additional 26% stake from Veritas' existing public shareholders through a compulsory open offer at a price of Rs 126 per share for a total of Rs 87.83 crore.
The total value of the transaction will be Rs 260.35 crore.
Rishi Chopra, spokesman for Swan Energy Limited (SEL), said: “The acquisition is in line with our strategy to diversify our geographic reach and business in the gas and petrochemical sectors. The acquisition will help us leverage Veritas (India) Limited's industrial link to acquire gas for the second stage of construction of our LNG complex.
Veritas (India) Limited is a key company of the Veritas Group (GV), a diversified multinational group with businesses including infrastructure and logistics, alternative fuels and energy, Argo Venture and information technology.
The main areas of activity also include the production of PVC (polyvinyl chloride) and bitumen. In addition to its global presence, it has a terminal in Terminal Hamriyah, United Arab Emirates, with a capacity of 170,000 tons, unique in the region. GV plans to build an integrated industrial complex at Dighi Port in Maharashtra at a cost of Rs.2,274 crore.
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