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Swan Energy Buys Majority Stake in Veritas (India) for Rs. 2.60 billion

Swan Energy Limited (SEL) has acquired Veritas (India) Limited, a chemical, petrochemicals and petroleum products manufacturing company with a global presence.

 

As a part of the all-cash deal, SEL has acquired 55 per cent of the fully diluted equity share capital from the existing promoters and promoter group of Veritas (India) by purchasing 1,47,45,720 equity shares at a price of Rs. 117 per share, aggregating to Rs. 1725.2 million.

 

SEL will acquire an additional 26 per cent stake from the existing public shareholders of Veritas (India) via a mandatory open offer at a price of Rs. 126 per share, aggregating Rs. 878.3 million. The total value of the transaction will be Rs. 2603.5 million.

 

The total net worth of Veritas (India) Limited is Rs. 19.7363 billion. The acquisition strengthens the synergy of SEL in the oil and gas sector.

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