Swan Energy gets board nod to raise Rs 4,000 crore
Swan Energy's board has approved raising Rs 4,000 crore through the issuance of equity shares or any other eligible securities.
The decision was made during the board meeting held on December 28, 2023.
Following the board's approval, the company will seek the requisite approval for fund-raising from its shareholders through an extraordinary general meeting (EGM).
Swan Energy recently announced that it has made a repayment of Rs 40 crore debt towards its entire fund-based facilities of the textile unit to the consortium of banks led by Union Bank of India comprising Bank of Baroda, Punjab National Bank, and Mehsana.
This move is part of Swan Energy’s commitment to significantly reduce the debt position in its books. «The debt repayment demonstrates Swan Energy’s goal to further strengthen the financial position by efficiently managing the financial obligations,” the company said.
Swan Group has a presence in the textile, real estate, oil and gas, and petrochemical sectors.
