Swan to raise Rs 1,435 cr for Reliance Naval buyout
Swan Energy plans to raise ₹1,435 crore by issuing preferential shares to Singapore-based foreign portfolio investor GCP INAB Pte Ltd in a move partly aimed at financing the acquisition of Anil Ambani-promoted Reliance Naval and Engineering (RNEL), people with knowledge of the development told ET.
Last Friday, Swan Energy's board passed a resolution to raise the money by issuing preference shares at a premium of ₹495 to GCP INAB, it said in a notice to the exchange.
On Friday, the company recalled its June proposal to raise ₹690 crore from the same investor by issuing preference shares.
Swan Energy did not respond to ET's request for comments.
The pricing of the preference shares is at a 66% premium to Friday's closing price of ₹298.4 apiece. The pricing is at a significant markup over the 52-week high of ₹379 a share (on January 1, 2023).
Last December, the National Company Law Tribunal (NCLT) approved a ₹2,108-crore resolution plan offered jointly by Hazel Mercantile and Swan Energy for RNEL.
The winning resolution applicant had to pay lenders in six instalments, the first of which — at ₹292 crore — was due in March this year.
According to the court documents, the NCLT bench granted an extension twice to the company for making payments to lenders. But it also directed the winning bidder to pay 200 basis points over State Bank of India's Marginal Cost of Lending rate (MCLR) as interest on instalments due to the delay.
In the last order dated August 1, the NCLT bench granted a 45-day extension that expired mid-September, said the people cited above.
After that, the company applied for a two-month extension to avoid a defaulter tag. The matter is listed for hearing on October 5.
Meanwhile, the company has scheduled an
