Swan Energy gets board nod for raising Rs 4,000 crore

Mumbai: Swan Energy's board on Thursday approved a proposal to raise ₹4,000 crore through an issue of equity shares or any other eligible securities. The company said it would now seek the approval for fundraising from its shareholders through an extraordinary general meeting.

Swan Energy recently announced that it made a repayment of ₹40 crore debt towards the entire fund-based facilities of its textile unit to the consortium of banks led by Union Bank of India. This move was part of Swan Energy's commitment to significantly reduce the debt position in its books, the company had said.

The Swan Group has a presence in the textile, real estate, oil and gas, and petrochemical sectors. Its recent acquisition of Reliance Naval and Engineering marked its entry into shipbuilding, ship repairing and heavy fabrication industry. Company's shares ended 0.66% lower at ₹510.05 on the BSE on Friday.