Swan Energy scales record high on fund raising plan

Swan Energy gained 4.99% to Rs 223.20 at 11:45 IST on BSE after the company's board approved raising of funds through issue of equity shares for an aggregate amount not exceeding Rs 1000 crore.

The announcement was made after market hours yesterday, 18 January 2018.

Meanwhile, the S&P BSE Sensex was up 113.22 points, or 0.32% to 35,373.51. The S&P BSE Mid-Cap index was up 7.97 points, or 0.05% to 17,637.42.

On the BSE, 7.33 lakh shares were traded in the counter so far, compared with average daily volumes of 2.53 lakh shares in the past one quarter. The stock had hit a high of Rs 228.75 so far during the day, also its record high. The stock had hit a low of Rs 208.15 so far during the day. The stock had hit a 52-week low of Rs 111.90 on 11 August 2017.

The mid-cap company has equity capital of Rs 24.43 crore. Face value per share is Re 1.

Swan Energy said that the board of directors of the company, at its meeting held yesterday, 18 January 2018, approved raising of funds by way of issue of equity shares or any other eligible instrument or security through qualified institutions placements (QIP) or private placements/public issue of equity/debt securities or preferential issue or through any other permissible mode and/or combination thereof, as may be considered appropriate, for an aggregate amount not exceeding Rs 1000 crore.

Swan Energy's net profit fell 34.7% to Rs 1.41 crore on 56.1% drop in net sales to Rs 42.14 crore in Q2 September 2017 over Q2 September 2016.

Swan Energy is engaged in the manufacturing of textile products. The company is also engaged in the real estate development and energy businesses.

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