Swan Energy announced that its board has approved the acquisition of a 49% stake in Triumph Offshore Private (TOPL) from Indian Farmers Fertiliser Cooperative (IFFCO) for total consideration of Rs 440 crore.
The company will acquire 26,21,50,000 equity shares at Rs 16.78 per share. At present, the company holds 51% equity stake in TOPL. After the proposed acquisition, TOPL will become 100% subsidiary of the company.
The said acquisition will be complete on or before 10 August 2024.
Swan Group is among India's leading private sector business houses serving the nation for more than a century across textile, real estate and oil & gas sectors.
The company reported a 10.55% decline in consolidated net profit to Rs 55.58 crore as compared to Rs 62.14 crore posted in Q4 FY23. Revenue from operations climbed 49.79% to Rs 1,397.90 crore in Q4 FY24 over Q4 FY23.
The scrip declined 4.36% to Rs 626.70 on the BSE.
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