Swan Defence and Heavy Industries plans to raise Rs 750 crore via QIP

Swan Defence and Heavy Industries is planning to hit the markets soon with a qualified institutional placement (QIP) offering through which the company intends to raise around Rs 750 crore, highly placed sources told Moneycontrol on condition of anonymity.

Through the QIP, the promoter, Hazel Infra, will reduce 5 percent stake from 94.91 percent held in the Swan Defence. Hazel Infra is a special purpose vehicle floated by Swan Energy for taking over Reliance Naval & Engineering from insolvency resolution.