Swan Energy rises and falls

about 7 months ago
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Swan Energy announced today morning that its subsidiary, Triumph Offshore Pvt Ltd (TOPL) has pre-paid Rs. 300 crore, out of its internal accruals, to its consortium of senior lenders of Floating Storage and Regasification Unit (FSRU) Project in Jafarabad, Gujarat. TOPL has also created the required Debt Service Retention Account (DSRA) of Rs. 95 crore.

The FSRU vessel was commissioned in February 2023, which represents India's first new build FSRU initiative. The partial debt prepayment is a significant milestone achievement and demonstrating strong financial position.

And three days ago, the company had received a one-year extension from the National Company Law Tribunal (NCLT) for the payment of Rs.312 crore to lenders of Reliance Naval and Engineering. The amount was to be paid by 23rd Dec’23 and this date has now been set for Dec’24.

The company, along with Hazel Mercantile, had emerged as the successful resolution applicant for Reliance Naval wherein Swan had submitted a bid of Rs.2,133 crore duly approved by the NCLT in December 2022.

The stock opened over 1% higher at Rs.506.05 and even surged to Rs.518, close to its 52-week high of Rs.521.50 but profit booking pulled down the price and it is now trading in the red at Rs.503.55.

689.80 (-21.20)

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