Swan Energy Limited (BSE:503310) made an open offer to acquire a 26% stake in Veritas (India) Limited (BSE:512229) for approximately INR 880 million on May 20, 2022. In a related transaction, Swan Energy Limited agreed to acquire 55% of Veritas (India) Limited for INR 1.7 billion on May 20, 2022. 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 offer is subject to receipt of the requisite RBI approvals. The offer is not conditional upon any minimum level of acceptance and not a competing offer. The offer opens on July 12, 2022 and will close on July 25, 2022.

The updated offer period opens on July 21, 2022 and will close on August 3, 2022. Deepak Biyani of Aryaman Financial Services Limited (BSE:530245) acted as manager to the offer and Deepali Dhuri of Purva Sharegistry India Private Limited acted as registrar to the offer.