M&A
Swan Energy acquires majority stake in Veritas (India) for Rs.260-Cr
BSE Announcement Business Line
Swan Energy Ltd (SEL) has acquired fellow Mumbai-headquartered Veritas (India) Ltd, a publicly listed chemical, petrochemicals and petroleum products manufacturing company with a global presence in an all-cash deal. SEL has acquired 55% stake in Veritas (India) from the existing promoters of the company by purchasing 1,47,45,720 equity shares (at a price of INR 117 per share), aggregating to INR 172.52 crore. SEL will acquire an additional 26% stake from the public shareholders of Veritas (India) via a mandatory open offer at a price of INR 126 per share, aggregating INR 87.83 crore. The total value of the transaction will be INR 260.35 crore. The total net worth of Veritas (India) Limited is INR 1,973.63 crore.
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