Swan Energy has raised a little over ₹3,319 crore through a qualified institutional placement of shares that was subscribed by institutions such as Life Insurance Corporation, SBI Life Insurance, Quant Mutual Fund, BNP Paribas Mutual Fund, and Goldman Sachs.

The shares were issued at a price of ₹670 per share against the floor price of ₹703.29 each. The issue opened on February 20, 2024, and closed on February 28, 2024.

The funds raised through the QIP will be partly used for the modernisation of the recently acquired Reliance Naval and Engineering shipyard at Pipavav. A portion of the funds will be allocated for project expansion and debt reduction.

Swan Energy has diversified interests in real estate, textiles, oil & gas, defence and commercial shipbuilding and ship repairs, and heavy fabrication. It has intensified its shipyard restoration efforts, focusing on activities such as dredging, reinstatement of licenses and certifications, implementation of industry-standard safety measures, and upgrading basic utilities. The company has engaged a global consulting firm and is recruiting more people to expedite the turnaround of the facility, aiming to commence commercial operations by June 2024.

A dedicated arm of the Swan Group is overseeing procurement and supply chain management to meet the demands of downstream activities. It is also planning to upskill and absorb employees through an internal selection process, while ensuring full compliance with statutory requirements.