Shares of this smallcap energy company gained 13.63 percent today after the company, through its special purpose vehicle Hazel Infra, paid ₹231 crore on Friday to acquire Reliance Naval and Engineering. The company has a market capitalization of Rs. 8,684.19 crores.
On 27th October, shares of Swan Energy Ltd closed at Rs. 373.90 per share, up by 13.63 percent from previous closing price of Rs. 329.05 per share.
Such bullish stock price movements were observed after the company announced they have completed payment of Rs. 231.42 crores through a Special Purpose Vehicle, namely Hazel Infra Limited (HIL), to acquire Reliance Navel and Engineering. Earlier Swan Energy Ltd partnered with Hazel Mercantile Ltd to acquire Reliance Navel and Engineering.
This payment of 231.42 crores completes the upfront payment obligation as laid down in the Resolution Plan approved by the Honorable NCLT. Next hearing of the National Company Law Tribunal in this case is scheduled for November 22. The company is set to initiate the process of name change.
Looking at the financial statements of the company, revenue increased by 208.89 percent to Rs. 804.3 crores in Q1FY24 from Rs. 260.38 crores in Q1FY23, in the same time period net profit went from -Rs. 26.36 crores to Rs. 144.82 crores.
Swan Energy Limited is a diversified company which is engaged in the business of textile, real estate, and energy businesses in India and internationally. The company operates in Textiles, Energy, Construction, Distribution & Development, and Warehousing businesses.
Written by: Vinit Israni
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