Swan Energy Approves Raising Rs 4,000 Crore Via Multiple Instruments

Swan Energy Ltd. has approved plans to raise up to Rs 4,000 crore via multiple instruments.

Following the board's approval, the company will seek shareholders' approval through an extraordinary general meeting for the proposal, an exchange filing said on Thursday.

On Wednesday, Hypnos Fund Ltd. sold 32.82 lakh shares, or 1.24%, at Rs 500.58 apiece in a bulk deal. The fund is one of the existing foreign portfolio investors in Swan Energy and held a 1.25% shareholding as of September.

The company had made a Rs 40 crore repayment of debt towards its entire fund-based facilities in the textile unit to a consortium of banks led by Union Bank of India as part of its deleveraging efforts.

Swan Group has a presence in the textile, real estate, oil and gas, and petrochemical sectors.