Swan Energy raises Rs 3,319 crore through QIP

Mumbai: Swan Energy, a diversified company, has successfully raised Rs. 3,319 crore through a qualified institutions placement (QIP). The company on Thursday allowed 4.95 crore shares of face value Rs 1 to eligible, qualified institutional buyers at the issue price of Rs 670 per share against the floor price of Rs 703.29 per share, the company said in an exchange filing.

Quant Mutual Fund acquired 18.08% of the total issue size, while Life Insurance Corporation and SBI Life Insurance each purchased 9.04% of the issue size. Other investors in the QIP include The Triumph Fund and Dovetail India.

Pursuant to the allotment of equity shares, the paid-up equity share capital of the company increased from Rs 26.39 crore to Rs 31.35 crore.


The funds raised through the QIP will be strategically deployed towards the modernisation of the recently acquired erstwhile Reliance Naval and Engineering Ltd (RNEL) shipyard at Pipavav. Additionally, a portion of the funds will be allocated for project expansion and debt reduction.

Shares of Swan Energy which rallied over 142% in the last six months, ended 3.3% higher at Rs 745 on Thursday.