Swan Energy paid Rs 331 crore to lenders before due date of Dec 23, 2024

Swan Energy Limited’s Reliance Naval and Engineering Limited has paid the financial obligation of Rs 331.07 crore to the lenders before the due date of December 23, 2024, as per the resolution plan approved by the National Company Law Tribunal (NCLT), said the company.

SEL acquired RNEL after the NCLT approved Swan Energy's Rs 2,100 crore resolution plan. The company has also raised Rs 3,000 crore through a Qualified Institutions Placement (QIP) to modernise the recently acquired erstwhile Reliance Naval and Engineering Ltd (RNEL) shipyard at Pipavav, the release said.

SEL had received a one-year extension from NCLT for the payment of the second tranche due to the lenders of Reliance Naval and Engineering Limited (RNEL).

As per the resolution plan, Rs 312 crore is due to the lenders of RNEL on December 23, 2023. The tribunal then extended the payment of the amount by one year to December 23, 2024, along with applicable interest.

SEL had recently received approval from the NCLT-appointed monitoring committee of RNEL to constitute its own board, paving the way for a formal handover of management control.

Shares of Swan Energy Ltd rose over 4 per cent on Thursday after it announced that Reliance Naval and Engineering Ltd met a crucial financial obligation by paying Rs 331.1 crore to its lenders, according to NDTV Profit.