SEPC to acquire 90% in UAE-based Avenir via Rs 1,530 cr share swap

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AI summary

SEPC Ltd will acquire up to 90% in UAE-based Avenir International Engineers via share swap, issuing 153 crore equity shares at Rs 10 each (Rs 1,530 crore total) to Avenir shareholders. No cash outflow; deal expected by Dec 2026. Avenir, founded 2011, serves oil and gas sector with ADNOC qualifications and AED 75.01 million turnover in 2025. Board also raised authorized capital to Rs 600 crore and borrowing limit to Rs 7,500 crore. Postal ballot planned for shareholder nod.

Likely market impact

Significant dilution from 153 crore new shares, but expands Middle East oil and gas footprint at no cash cost. Subject to shareholder and regulatory approvals.