Premium| Listen to this article |
Selan Exploration share price has surged near 23 per cent in lst two trade sessions. The oil exploration company stock had closed at ₹152.35 apiece levels on NSE on 17th March 2022 and then after it has ascended around ₹189 levels in two sessions on Monday and Tuesday. Shares of Selan Exploration hit 20 per cent upper circuit on Monday after the newsbreak of Antelopus Energy agreeing to buy 21 per cent stake in the company paying ₹200 per Selan Exploration share.
In its exchange communication, Selan Exploration informed about the development citing, "This is to inform you that pursuant to entering into a Share Purchase Agreement on 17 March 2022, between the promoter and promoter group members of the Company ("Sellers") and Blackbuck Energy Investments Limited (the "Acquirer"), the Acquirer has agreed to acquire from the Sellers a minimum of 31,92,000 (Thirty One Lakh and Ninety Two Thousand Only) Equity Shares of the Target Company representing 21.00% of the Voting Share Capital (as defined in the PA) and up to a maximum of 38, 15,200 (Thirty Eight Lakhs and Fifteen Thousand Two, Hundred Only) Equity Shares representing 25.10% of the Voting Share Capital (as defined in the PA), at ₹200 (Two Hundred Only) per Equity Share, completion of which is subject to the satisfaction of certain conditions precedent."
"Pursuant to the execution of the said Share Purchase Agreement, the Company has received a copy of the Public Announcement dated 17 March 2022 of open offer for acquisition of up to 39,52,000 fully paid-up equity shares of face value of ₹10 (representing 26.00% of the Voting Share Capital, as defined in the PA) of the Company ("Open Offer") by Blackbuck Energy Investments Limited (as the Acquirer) along with Antelopus Energy Private Limited (as a person acting in concert with the Acquirer, "PAC") at the Offer Price of ₹200 (Two Hundred Only) per equity share in cash, in compliance with Regulation 3(1) and Regulation 4 and other applicable provisions of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations , 2011," Selan Exploration further informed in its exchange communication.
As per the shareholding pattern of Selan Exploration Technology for October to December 2021 period, promoters of the company — Raj Kapur, Rohni Kapur and Winton Roavic LLP — collectively hold 30.09 per cent stake in the company. Among public shareholders of Selan Exploration, retail investors hold 53.56 per cent stake in the company.
Never miss a story! Stay connected and informed with Mint. Download our App Now!!