Swan Energy Acquires Majority Stake in Veritas India for about Rs 260.35 Cr
In line with the vision to diversify its geographical reach and businesses to the gas and petrochemicals sectors, Mumbai-based conglomerate Swan Energy Ltd’s (SEL’s) board of directors has approved the majority stake acquisition of Veritas (India) Ltd for about Rs 260.35 crore.
May 23, 2022. By Manu Tayal
In line with the vision to diversify its geographical reach and businesses to the gas and petrochemicals sectors, Mumbai-based conglomerate Swan Energy Ltd’s (SEL’s) board of directors has approved the majority stake acquisition of Veritas (India) Ltd for about Rs 260.35 crore.
As a part of the all-cash deal, the company, with interests in the oil and gas and infrastructure businesses, has acquired 55 per cent of fuIIy diluted equity share capital from the existing promoters and promoter group of Veritas (India) Ltd by purchasing 1,47,45,720 equity shares at a price of Rs. 117 per share aggregating to Rs 172.52 crore.
Besides, an additional 26 per cent stake will be acquired by SEL from the existing public shareholders of Veritas (India) Ltd via a mandatory open offer at a price of Rs 126 per share aggregating Rs 87.83 crore.
Commenting on the acquisition, Rishi Chopra, Swan Energy Ltd (SEL), spokesperson said, “the acquisition is in line with our strategy to diversify our geographical reach and businesses to gas and petrochemicals sectors. The acquisition will help us leverage Veritas (India) Limited’s sectoral connect to acquire gas for the second phase of expansion of our LNG complex. We are pleased to welcome Veritas (India) Limited to the SEL family. The acquisition underlines our vision to work towards a better tomorrow for our country. The operational expertise and globally integrated systems, processes and governance will create a great synergy for us and accelerate our journey to the next phase of growth.”
Veritas (India) is a key group company of Groupe Veritas (GV), a diversified multinational business group with major business domains like International Trade & Distribution, Infrastructure and Logistics, Alternate Fuel and Energy, Argo Venture and Information Technology. Its core business domains also include PVC and Bitumen production.
Apart from its global presence, it has a terminal in Terminal Hamriyah, UAE with a capacity of 170000 MT which is a first-of-its-kind facility in the region, such as distillation and fractionation of class A/B/C products. GV plans to set up an integrated industrial complex with an outlay of Rs 2,274 crore at Dighi Port in Maharashtra. The total net worth of Veritas (India) is Rs 1,973.63 crore.
As a part of the all-cash deal, the company, with interests in the oil and gas and infrastructure businesses, has acquired 55 per cent of fuIIy diluted equity share capital from the existing promoters and promoter group of Veritas (India) Ltd by purchasing 1,47,45,720 equity shares at a price of Rs. 117 per share aggregating to Rs 172.52 crore.
Besides, an additional 26 per cent stake will be acquired by SEL from the existing public shareholders of Veritas (India) Ltd via a mandatory open offer at a price of Rs 126 per share aggregating Rs 87.83 crore.
Commenting on the acquisition, Rishi Chopra, Swan Energy Ltd (SEL), spokesperson said, “the acquisition is in line with our strategy to diversify our geographical reach and businesses to gas and petrochemicals sectors. The acquisition will help us leverage Veritas (India) Limited’s sectoral connect to acquire gas for the second phase of expansion of our LNG complex. We are pleased to welcome Veritas (India) Limited to the SEL family. The acquisition underlines our vision to work towards a better tomorrow for our country. The operational expertise and globally integrated systems, processes and governance will create a great synergy for us and accelerate our journey to the next phase of growth.”
Veritas (India) is a key group company of Groupe Veritas (GV), a diversified multinational business group with major business domains like International Trade & Distribution, Infrastructure and Logistics, Alternate Fuel and Energy, Argo Venture and Information Technology. Its core business domains also include PVC and Bitumen production.
Apart from its global presence, it has a terminal in Terminal Hamriyah, UAE with a capacity of 170000 MT which is a first-of-its-kind facility in the region, such as distillation and fractionation of class A/B/C products. GV plans to set up an integrated industrial complex with an outlay of Rs 2,274 crore at Dighi Port in Maharashtra. The total net worth of Veritas (India) is Rs 1,973.63 crore.
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