Swan Energy Limited (BSE:503310) agreed to acquire 55% stake in Veritas (India) Limited (BSE:512229) from Nitin Didwania, Niti Nitinkumar Didwania and Groupe Veritas Ltd for INR 1.7 billion on May 20, 2022. Swan Energy will pay INR 117 per share to acquire 14,745,720 shares in Veritas (India) Limited. In a related transaction Swan Energy made an offer to acquire 26% of stake in Veritas (India) Limited from existing public shareholders. Prior to the transaction, Nitin Didwania, Niti Nitinkumar Didwania and Groupe Veritas Ltd hold 0.19%, 57.49% and 5.68% stake in Veritas, respectively and post completion, Niti Nitinkumar Didwania will hold 8.36% and Nitin Didwania and Groupe Veritas Ltd will hold no stake. Post SPA and open offer, assuming full acceptance in the offer, the shareholding of Swan will be 21,716,320 shares constituting 81 % of Veritas. The transaction is approved by the board of Swan Energy Limited and require approval of SEBI in accordance with the SEBI (Substantial Acquisition of Shares and Takeover) Regulations, 2011. The transaction is expected to complete in around six (6) months.

Swan Energy Limited (BSE:503310)completed the acquisition of 55% stake in Veritas (India) Limited (BSE:512229) from Nitin Didwania, Niti Nitinkumar Didwania and Groupe Veritas Ltd on January 20, 2023.