Swan Energy announced on Thursday that it successfully raised Rs 3,000 crore through a qualified institutional placement of shares, priced at Rs 670 each. The offering garnered significant interest from qualified institutional investors, including Quant Mutual Fund, SBI Life, LIC, LIC Mutual Fund, Tata Mutual Fund, Infini Mutual Funds, SBI General Insurance, BNP Paribas Mutual Fund, Nomura, Goldman Sachs, Future Generali, Anand Rathi, and various domestic and foreign institutions and family offices.
The proceeds from the placement will primarily be utilized to modernize the recently acquired Reliance Naval and Engineering’s shipyard at Pipavav. Additionally, a portion of the funds will be earmarked for project expansion and debt reduction. Paresh Merchant, an executive director at Swan, highlighted that assuming management control of Reliance Naval—the country’s largest defence shipyard—aligns with their vision of becoming a leading private player in the manufacturing of defence, commercial, and oil and gas vessels. Swan aims to establish itself as a prominent player in ship repairing and a hub for global manufacturing in the Asia Pacific region. To realize these goals, the company is implementing a comprehensive restructuring initiative to resume yard operations promptly.
Swan Energy is a diversified conglomerate with interests in real estate, textiles, oil & gas, defence, commercial shipbuilding, and ship repairs. The share offering was priced at Rs 670 per share, inclusive of a premium of Rs 669, as stated by the company in a statement.
