India, July 8 -- SEPC Ltd has approved a proposal to acquire up to a 90% equity stake in UAE-based Avenir International Engineers and Consultants LLC through a Rs 1,530 crore share-swap transaction, marking a significant step in expanding its global engineering footprint.
Under the proposed deal, SEPC will issue 153 crore equity shares at Rs 10 per share to Avenir's shareholders through a preferential allotment. The acquisition will involve no cash outflow and is expected to be completed by December 2026, subject to shareholder and regulatory approvals.
Established in 2011 and headquartered in Abu Dhabi, Avenir provides engineering and design services to the oil & gas and civil infrastructure sectors. The company is qualified to undertake...