Swan Energy board to mull fund raising on 5 Mar

Swan Energy gained 3.3% to Rs 163 after the company's board said it will consider fund raising up to Rs 2,000 crore on 5 March.

In an exchange filing on Wednesday, Swan Energy said, a meeting of Board of Directors of the company is scheduled to be held on Saturday, 5 March 2022, to consider capital raise through FPO/QIP/ GDRI ADRI FCCB up to an amount not exceeding Rs 2,000 crore.

The company's board also said it will consider issue of equity shares on a preferential basis to promoter/ promoter group and non-promoter subject to approval of the shareholders of the company.

The board will also consider adoption of new set of Memorandum of Association and Articles of Association of the company.

Swan Energy is an emerging "green energy" company with a track record in infrastructure projects and textiles.

The company reported a consolidated net loss of Rs 20.56 crore in Q3 FY22 as against a net profit of Rs 0.97 crore posted in Q3 FY21. Net sales declined 29.2% to Rs 69.28 crore in Q3 FY22 over Q3 FY21.

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