Swan Defence and Heavy Industries Ltd. on Monday reported that its promoter Hazel Infra Ltd. has put forward a proposal to sell approximately 5.01% of its equity shares of the company via the offer-for-sale mechanism, according to an exchange filing from the firm.
This will be undertaken specifically through the stock exchange mechanism as per Securities And Exchange Board of India Circulars. The company reported that the objective of this potential sale is to achieve minimum public shareholding.
"As of the date of this letter, the proposal is under evaluation. The Company will make further disclosures in accordance with Regulation 30 and the applicable SEBI circulars upon receiving final confirmation from the promoter," the filing said.
The company had also bagged a contract worth Rs 2,080 crore from Europe-based Rederiet Stenersen AS in January. The order concerned the manufacture and supply of six 18,000 deadweight tonnage IMO Type II chemical tankers from its shipyard in Pipavav, Gujarat.
The firm reported that this was one of India's largest single commercial shipbuilding orders and the first chemical tanker order placed with an Indian shipyard.
This contract also included an option for six more vessels. The first vessel is set for delivery within 33 months, with further deliveries slated in regular installments. Each tanker will have an overall length nearing 150 metres and a beam of up to 23 metres. The vessels will be designed by Marinform AS and StoGda Ship Design & Engineering and classed by DNV.
Shares of Swan Defence and Heavy Industries Ltd. ended 2.35% higher at 2,020.80 compared to a 1.73% downturn in the NSE Nifty 50.
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