Swan Energy has announced that the board of directors of the company has approved the proposal to raise up to Rs.4000 crore through the issuance of instruments or securities including equity shares or one or more public and/or private offerings including on a preferential allotment basis and/or a qualified institutions placement and/or rights issue and/or further public offering.
Swan Energy will constitute a Fund-Raising Committee comprising of the board of directors of the company to deal with all matters pertaining to the proposed fundraising.
Swan Energy has recently made a repayment of debt towards its entire fund-based facilities of the textile unit to the consortium of banks led by Union Bank of India.
The company has also made a prepayment of Rs. 300 crore debt for its Floating Storage and Regasification Unit (FSRU) Project. The company has made the debt prepayment out of its internal accruals through its subsidiary Triumph Offshore (TOPL) to its consortium of senior lenders of the FSRU Project.
Swan Group has a presence in the textile, real estate, oil and gas and petrochemical sectors. Additionally the recent acquisition of Reliance Naval and Engineering marks its entry into the shipbuilding, ship repairing and heavy fabrication industry.
