Key Transaction Details
- Variman Global Enterprises Limited (Scrip Code: 540570) had approved acquisition of approximately 99.99% stake in Ecogenics Technologies and Systems Limited (incorporated in Scotland, United Kingdom) through swap of shares
- Approval was granted by the Board of Directors at meeting held on Saturday, 29 August 2026
- Transaction involved issuance of up to 41,07,42,006 (Forty-One Crores Seven Lakhs Forty-Two Thousand and Six) Equity Shares of Re. 1/- each
- Issue price was set at ₹4.65 per share for consideration other than cash on swap basis
Conditions and Withdrawal Reason
- The approval was subject to receipt of PAN details from selling shareholders of Ecogenics Technologies and Systems Limited
- Required approval of shareholders of Variman Global Enterprises Limited
- Needed applicable regulatory approvals
- PAN details of proposed selling shareholders were not provided
- Without PAN details, the in-principle application with BSE Limited could not be filed
- Consequently, proposed resolutions could not be placed before shareholders for approval
Capital Structure Impact
- The acquisition was linked to increase in authorized share capital from ₹50,00,00,000 (Rupees Fifty Crores Only) divided into 50,00,00,000 equity shares of Re. 1/- each to ₹67,00,00,000 (Rupees Sixty-Seven Crores Only) divided into 67,00,00,000 equity shares of Re. 1/- each
Withdrawal Approval
- Board of Directors passed Circular Resolution on 07 September 2026
- Approved withdrawal of the proposed acquisition of approximately 99.99% stake in Ecogenics Technologies and Systems Limited
- Consequent withdrawal of the related preferential issue and increase in authorized share capital
Financial Impact
Withdrawal results in no change to current capital structure, authorized share capital remains at ₹50 crore, and no issuance of 41.07 crore shares occurs.
#Tags: #VarimanGlobal #EcogenicsTechnologies #M&AWithdrawal #ShareSwap #SEBIDisclosure #RegulatoryCompliance #CapitalStructure #Neutral