Swan Energy updates on acquisition of Reliance Naval and Engineering Ltd

Swan Energy Limited ("the company") had earlier decided to be a strategic partner of M/s Hazel Mercantile Limited (HML), through a SPV, to acquire M/s Reliance Naval and Engineering Limited (RNEL) from NCLT.

The company had also executed an agreement with M/s Hazel Infra Limited ('HIL') to subscribe to its equity Shares, thereby HIL becoming the subsidiary of "the company".

The Resolution Professional (RP) of RNEL has issued a Letter of Intent (LOT) in favour of HML. Subsequently, "the company", through 'HIL', being subsidiary and SPV for this Purpose, has submitted Performance Bank Guarantee (PBG) of Rs. 75 crore (Rupees Seventy five crore only) to RP.

Shares of Swan Energy Limited was last trading in BSE at Rs. 178.25 as compared to the previous close of Rs. 177.70. The total number of shares traded during the day was 3043 in over 228 trades.

The stock hit an intraday high of Rs. 182.40 and intraday low of 175.85. The net turnover during the day was Rs. 542243.00.

Source : Equity Bulls

Keywords

SwanEnergy INE665A01038 PerformanceGuarantee RelianceNavalandEngineering NCLT