Swan Energy stock rises 4% as firm likely to raise Rs 4,000 crore via QIP

A report said Swan Energy aims to use the funds from the QIP for debt reduction and modernising facility.

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Swan Energy shares closed 3.78 percent higher on February 20 after it emerged that the company is reportedly planning to raise Rs 4,000 crore through a Qualified Institutional Payment (QIPs).

Sources told ET that Swan Energy aims to use the funds from the QIP for debt reduction and modernising facility. QIP is a way for companies to raise capital from institutional buyers via open market.

Swan Energy is in talks with various participants and mutual funds, insurance companies, select foreign institutional investors have shown a strong interest to participate in the QIP, sources told ET. International Investment Bank Goldman Sachs is expected to be the main player, said ET.

Also read Swan Energy stock falls as FPI Hypnos Fund offloads 1.24% stake

Swan Energy, in December 2023, had acquired Reliance Naval and Engineering through Hazel Mercantile, a special purpose vehicle.

Swan Energy’s shares have gained 187 percent in the last one year. The shares have surged 170 percent in the last six months.

Swan Energy reported a net profit of Rs 220 crore in the October-to-December quarter as compared to a loss of Rs 16 crore in the same quarter a year ago. Its revenues increased almost 15 times year-on-year (YoY) to Rs 1,592 crore in Q3FY24.

Swan Energy shares closed 3.78 percent up at Rs 756 on Tuesday on the National Stock Exchange.

Swan Energy is engaged in the textile, real estate, energy, and petrochemical sectors. Its segments include textile, energy, construction, distribution and development, warehousing, manufacturing, and power generation.

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