South West Pinnacle Increases Stake in Alara Resources to 12.66% via Rights Issue

South West Pinnacle Exploration Limited (SWPE), along with its promoters Mr. Vikas Jain and Mr. Piyush Jain, has increased their aggregate shareholding in Alara Resources Limited (ARL) from 10.83% to 12.66% following a rights issue.

ARL, an Australia-based mining and exploration company listed on the Australian Stock Exchange, confirmed the allotment of shares to SWPE, Mr. Vikas Jain, and Mr. Piyush Jain on August 28, 2026. SWPE was allotted 1,87,91,597 shares, Mr. Vikas Jain received 67,86,889 shares, and Mr. Piyush Jain was allotted 43,79,915 shares.

This investment is in the same line of business as SWPE, which is expected to result in synergies of operations and further SWPE's business through its joint ventures in Oman with ARL's subsidiary. The acquisition falls under the automatic route of the Foreign Exchange Management (Overseas Investment) Rules, 2022, and does not require specific governmental or regulatory approvals. The issue price per share was AUD 0.032.

ARL's operations are focused on mining and exploration opportunities in Oman for copper, zinc, silver, and gold. For the year ended 2025, ARL reported a turnover of AUD 55,122,260. The company was incorporated on December 6, 2006, and has its presence in Perth, Australia.