Selan Exploration is doing exceedingly well; from its close of Rs.478.60, it opened today at Rs.491 and soon jumped to hit a new 52-week high at Rs.553.40. It is currently trading at Rs.512, 7% higher.
The stock hit a high after it Board yesterday approved its amalgamation with Antelopus Energy, a subsidiary of Blackbuck Energy. It is an Exploration & Production company, focused on monetizing discovered and stranded resources in the Indian subcontinent. It operates 4 contract areas i.e., 2 offshore contract areas, one each in West and East coast of India and 2 onshore contract areas, one each in Assam and Andhra Pradesh The mining lease for the contract area in Andhra Pradesh is yet to be obtained from the Government of Andhra Pradesh.
There is no cash consideration; the amount of Rs.250 for this is being done through transfer of equity shares and redeemable preference shares.