Swan Energy has obtained board approval to raise up to ₹690 crore through a preferential issue of shares to a Singapore-based entity.
In an exchange filing, the company said it would be issuing up to 2.3 crore shares at ₹300 each to GCP Inab Pte Ltd, registered as a foreign portfolio investor in India. An extraordinary general meeting is being held on July 20 to get shareholder approval for the fundraise.
Swan Energy, which along with Hazel Mercantile, was the successful resolution applicant for Reliance Naval Engineering, has still not made the upfront payment of ₹290 crore as required under the terms of the resolution. In March, it had sought an extension of four months from NCLT, Ahmedabad, to make the payment.
At that time, the company had blamed the Hindenburg Research report on the Adani group for plunging the market into turmoil and its inability to raise funds. It had told the insolvency court that it had lined up investors to raise funds, but the capital market turbulence had posed an obstruction.
Raising funds is essential for Swan Energy as it has less than a month left to make the payment.