SWPE Increases Stake in Alara Resources to 12.66%

South West Pinnacle Exploration Ltd (SWPE) has announced an increase in its aggregate shareholding in Alara Resources Limited (ARL), an Australian Stock Exchange-listed mining and exploration company. Following a rights issue, SWPE, along with promoters Mr. Vikas Jain and Mr. Piyush Jain, has increased their combined stake from 10.83% to 12.66%. SWPE subscribed to 1,87,91,597 shares, Mr. Vikas Jain to 67,86,889 shares, and Mr. Piyush Jain to 43,79,915 shares at an issue price of AUD 0.032 per share. This investment is expected to create operational synergies as both companies are in the mining and exploration sector, with ARL having operations in Oman, a region where SWPE also has joint ventures through its subsidiary. The investment falls under the automatic route of the Foreign Exchange Management (Overseas Investment) Rules, 2022.