Selan Exploration Technology Limited has informed the Exchange about General Updates - Disclosure under Regulation 10(6) of SEBI SAST Regulations, 2011
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Antelopus Selan Energy Limited (formerly Selan Exploration Technology Limited) has reported an acquisition of 1,99,62,358 equity shares (allotted on August 12, 2025) pursuant to a Composite Scheme of Arrangement merging Antelopus Energy Private Limited into Selan, as sanctioned by the NCLT Chandigarh Bench on June 10, 2025. The shares were issued to four acquirers: Blackbuck Energy Investments Limited, Mr. Suniti Kumar Bhat, Mr. Siva Kumar Pothepalli, and Ms. Payal Upadhyay, in proportion to their holdings in the transferor company. As a result, Blackbuck Energy's stake in Selan jumped sharply from 30.46% to 69.94%, while the other three individuals received nominal stakes (0.0005% to 0.0047%). The acquirers have claimed exemption from making an open offer under Regulation 10(1)(d)(ii) of SEBI SAST Regulations, which applies to acquisitions through court/NCLT-approved schemes.
Blackbuck Energy has become the majority controlling shareholder of Selan with nearly 70% stake, fundamentally altering the ownership structure. No open offer is triggered, so existing public shareholders will not get an exit opportunity at a regulated price, though the scheme itself was approved by the NCLT and is now implemented.