Swan Energy raises Rs 3,319 crore through QIP

Swan Energy on Thursday said it has raised Rs 3,000 crore from qualified institutional placement of shares which were priced at Rs 670 apiece. The issue got interest from qualified institutional investors including Quant Mutual Fund, SBI Life, LIC, LIC Mutual Fund, Tata Mutual Fund, Infini Mutual Funds, SBI General Insurance, BNP Paribas Mutual Fund, Nomura, Goldman Sachs, Future Generali, Anand Rathi, and other domestic and foreign institutions and family offices, the company said.

The fund will be deployed to modernise the recently acquired Reliance Naval and Engineering’s shipyard at Pipavav. Additionally, a portion of the fund will be allocated for project expansion and debt reduction.