Shares of Swan Energy Ltd. rose over 4% on Thursday after it announced that Reliance Naval and Engineering Ltd. met a crucial financial obligation by paying Rs 331.1 crore to its lenders.
The payment aims to address outstanding debts and facilitate the smooth transition of RNEL's ownership to SEL through the special purpose vehicle, Hazel Infra Ltd., according to an exchange filing. This payment, which was due on Dec. 23, 2024, is a step forward in the ongoing acquisition process under the purview of the National Company Law Tribunal.
SEL has assured all stakeholders that they would provide timely updates on any further progress or changes related to the acquisition. The company emphasised its commitment to transparency and will continue to keep all the parties concerned informed about the developments in this matter.
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On the NSE, SEL's stock rose as much as 4.21% during the day to Rs 710 apiece, the highest since Aug. 2. It was trading 2.24% higher at Rs 697.25 per share, compared to a 0.5% advance in the benchmark Nifty at 1:06 p.m.
The share price has risen 171.40% in the last 12 months and 38.55% on a year-to-date basis. The total traded volume so far in the day stood at 0.79 times its 30-day average. The relative strength index was at 53.3.
An analyst tracking the company has a 'buy' rating on the stock, according to Bloomberg data.
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