Swan Energy board approves proposal to raise up to Rs 4000 crore

Swan Energy board approves proposal to raise up to Rs 4000 crore

Swan Energy Limited has announced that the board of directors of the company has approved the proposal to raise up to Rs 4000 crore through issuance of instruments or security including equity shares or one or more public and/or private offerings including on a preferential allotment basis and/or a qualified institutions placement and/or rights issue and/or further public offering. The decision was made during the board meeting held on December 28,2023.

Swan Energy Limited will constitute a Fund-Raising Committee comprising of the board of directors of the company to deal with all matters pertaining to the proposed fund raising, it said in a statement. 

The company has also made a prepayment of Rs 300 crore debt, through its subsidiary Triumph Offshore Private Limited (TOPL), out of its internal accruals, to its consortium of senior lenders of Floating Storage and Regasification Unit (FSRU) Project. “TOPL has also created the required Debt Service Retention Account (DSRA) of ~Rs 95 crore,” it had said in a regulatory filing.

Swan Group has presence in the textile, real estate, oil and gas and petrochemical sectors. Additionally the recent acquisition of Reliance Naval and Engineering Limited marks its entry into the shipbuilding, ship repairing and heavy fabrication industry.