Swan Energy Shares in Focus; Completes Payment to Lenders for RNEL Acquisition

Swan Energy Limited, via Hazel Infra, has paid ₹196 crore to the lenders of Reliance Naval and Engineering Limited (RNEL) on December 19, 2024, ahead of the due date of December 23, 2024, as part of the NCLT process.

Payment Overview for RNEL Acquisition 

Swan Energy, through its Special Purpose Vehicle, Hazel Infra Limited (HIL), is in the process of acquiring Reliance Naval and Engineering through the National Company Law Tribunal (NCLT) route.

In this regard, SEL would like to inform all concerned parties that RNEL has successfully paid the financial obligation of ₹196 crore to its lenders on December 19, 2024, the company said in a press release on the stock exchanges.

This payment was made ahead of the due date, which was set for December 23, 2024. The company has committed to providing further updates as they occur and requests the exchanges to take this information on record.

Swan Energy Completes Project Ahead of Schedule

Earlier this month, the company informed the exchanges about the successful completion of its first repair project for a Coast Guard patrol vessel, finishing ahead of schedule.

The project, which began on September 4, 2024, involved the repair of the Indian Coast Guard’s fast patrol vessel, Raj Ratan. Initially scheduled for completion later, the project was finished on November 30, 2024, ahead of the deadline.

Looking ahead, Swan Energy’s shipyard plans to expand its operations by taking on shipbuilding projects at the facility.

Share Price Performance

On December 20, 2024, Swan Energy’s share price (NSE: SWANENERGY) traded 1.15% higher at ₹769.65 as of 9:45 AM on the NSE. The stock opened at ₹765.10, higher than the previous close of ₹760.90.

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Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.