Board approves Avenir acquisition via 153 Cr share swap; capital limits raised
SEPC · price
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SEPC board approved acquiring 90 percent stake in UAE-based Avenir International Engineers and Consultants through a share swap, issuing up to 153 Crore equity shares at Rs 10 each (Rs 1,530 Crore total) to three non-promoter allottees with no cash outflow. Avenir is in Oil and Gas engineering in UAE with AED 75 million turnover in 2025. Board also raised authorized share capital from Rs 2,250 Crore to Rs 6,000 Crore, borrowing limit to Rs 7,500 Crore, and loan and investment threshold to Rs 3,000 Crore. Postal ballot notice approved.
Large equity dilution from 153 Crore new shares at par for acquisition; signals expansion into UAE Oil and Gas. Pending shareholder approval via postal ballot.