Swan Energy Limited has bought shares of Veritas (India) Ltd, a small-cap company. The shares of Veritas gained 1.99% and are currently locked at an upper circuit. Meanwhile, Swan Energy closed 3.18% higher at ₹ 289.00 apiece.
According to the Block Deals data available on the Bombay Stock Exchange (BSE), Swan Energy bought 11,10,000 shares of the company at an average price of ₹ 179.55, taking the transaction value to ₹ 19,92,45,000. Correspondingly, Niti Nitinkumar Didwania, the company’s promoter, sold an equal number of shares at the same price.
As a result of the transaction, Swan Energy’s stake in the company has crossed 40% and is at 40.54%, against 36.4% earlier. However, the promoter’s stake has declined from 21.1% to 16.96%.
Earlier this month, Swan Energy bought 6.6 lakh shares (2.46% stake) in the company at an average price of ₹ 152.15 per share. Interestingly, promoter Niti Nitinkumar Didwania was the seller in that deal. After the deal, Swan Energy’s stake increased from 33.93% to 36.4%.
Veritas India has given multi-bagger returns of 102.34% in the past year, as its share price increased from ₹ 96.05 to ₹ 194.35 apiece. Therefore, if an investor would have invested ₹ 1 lakh in the company’s shares a year ago, the value of their holding would have been ₹ 2.02 lakhs today!
Written by Simran Bafna
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