Swan Energy Ltd updates on acquisition of Reliance Naval and Engineering Limited

Swan Energy Limited (SEL) is a strategic partner of Resolution Applicant, i.e., Hazel Mercantile Limited (HML), through a Special Purpose Vehicle (SPV), namely Hazel Infra Limited (HIL), to acquire Reliance Naval and Engineering Limited (RNEL).

As per NCLT order dated 05-10-2023 in Interlocutory Application (I. A.) 1006 of 2023 for further extension of time, Rs. 50 crore payment towards Upfront payment is being released today, i.e., 9th October, 2023 as agreed and consented to by the secured financial creditors.

The next date of hearing in an Interim Application (I. A.) 1006 of 2003 is 22-11-2023.

Shares of Swan Energy Limited was last trading in BSE at Rs. 297.10 as compared to the previous close of Rs. 284.05. The total number of shares traded during the day was 134259 in over 3342 trades.

The stock hit an intraday high of Rs. 299.50 and intraday low of 283.10. The net turnover during the day was Rs. 39253416.00.

Source : Equity Bulls

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SwanEnergy INE665A01038 Acquisition Update