Swan Energy pays Rs 50 crore with lenders of Reliance Naval, seeking an extension for the remaining amount
Swan Energy, the winning bidder of bankrupt Reliance Naval and Engineering, has deposited Rs 50 crore with lenders and sought a further extension to pay the entire first instalment, initially due in March 2023, said people with knowledge of the matter.
To date, it has paid about Rs 100 crore of the first instalment, which is Rs 292 crore. It has to make payment in six instalments and the second instalment of Rs 313 crore is due in December this year.
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Offering CollegeCourseWebsiteUniversity of Western AustraliaUWA Global MBAVisitIndian School of BusinessISB Venture Capital and Private Equity ProgramVisitIIM KozhikodeIIMK Senior Management ProgrammeVisitNorthwestern UniversityKellogg Marketing Leadership Development ProgramVisitSwan Energy is a strategic partner of the resolution applicant Hazel Mercantile Ltd through its special purpose vehicle – Hazel Infra Ltd – to acquire RNEL.
It is in the midst of raising Rs 1435 crore by issuing preferential shares to Singapore-based foreign portfolio investor GCP INAB Pte ltd- a move partly aimed at financing the acquisition of Anil Ambani promoted RNEL, as reported by ET on September 26.
The preferential issue is priced at Rs 495 a share, a 69% premium over today trading price.
In an order dated October 5, the Ahmedabad bench of the National Company Law Tribunal (NCLT) directed the resolution applicant to pay ‘the amount that has not been given as per schedule.’
On the same day, the resolution applicant had sought one more extension to repay dues. The division bench of NCLT, in its October 5 order, said that it will consider an extension only after the winning bidder pays the amount that is proposed in the
