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.