SME Times News Bureau | 21 Mar, 2022
Shares of Selan Exploration Technology hit the 20 per cent upper circuit
on Monday after Antelopus Energy agreed to acquire a 21 per cent stake
in the company.
Antelopus Energy is a newly-formed
exploration and production company focused on monetising discovered and
stranded resources in the Indian subcontinent.
The promoters of
Selan Exploration executed an agreement with Blackbuck Energy
Investments for the sale and purchase of not less than 3.19 million
equity shares at a price of Rs 200 per share. Blackbuck Energy
Investments is a holding entity of Antelopus Energy.
The total consideration payable by the Antelopus Energy under the Open Offer will be around Rs 79 crore.
The shares of Selan Exploration Technology were locked in the upper circuit at Rs 183.45 on Monday's closing.
Since the start of 2022, the shares rose 34 per cent, exchange data showed.
