With the purchase of Reliance Naval, Swan Energy's share price surges by more than 6% and reaches a 52-week high

 With the purchase of Reliance Naval, Swan Energy's share price surges by more than 6% and reaches a 52-week high

The share price of Swan Energy surged by more than 6% on Monday, reaching a 52-week high. This is the fourth session in a row that Swan Energy has seen gains after completing the outstanding upfront payment of ₹231.42 crore, which followed the purchase of Reliance Naval and Engineering. Swan Energy's stock started on the BSE today at ₹380 per share. Swan Energy's shares have increased by more than 26% during the last four trading sessions. 

Swan Energy share prices have experienced a vertical climb in the recent few days, almost moving from 300 to 390 in the last four sessions, according to Rajesh Bhosale, Equity Technical as well as Derivative Analyst, Angel One. The prices have reached new territory and are in strong upward momentum.

Bhosale said, "Use dips to buy with 400 acting as resistance and 370 as support."

The business paid Reliance Naval & Engineering ₹231.42 crore via its special interest vehicle (SPV), Hazel Infra. Swan Energy will initially nominate a board of directors after the dissolution of the monitoring committee established by the National Company Law Tribunal (NCLT). Swan Energy will start up operations when the takeover process is over.

With this purchase, Swan Energy Limited has bolstered its plan to become the biggest private player in the manufacturing of commercial and naval defense boats as well as ship maintenance. The firm is focusing on growing its operations in the oil and gas industry, manufacturing commercial vessels, and chasing large contracts in the naval defense sector.

In its verdict dated October 8, the Ahmedabad NCLT directed Swan to pay an upfront amount of ₹250 crore before asking further extension to complete the corporate bankruptcy resolution procedure.

By requesting an extension till November 15th, the secured financial creditors effectively allowed Swan Energy's request to finish the last advance payment of ₹231.42 crore.

Swan Energy was given a second 45-day extension by the tribunal on August 1st, and it ended on September 14th. This third extension was asked for by the resolution petitioner. 

The NCLT will hear more evidence on the matter on November 22. Swan had been unable to get funding for the upfront payment on many occasions, therefore it requested an extension of time to complete the settlement procedure. Following the tribunal's order, the business made a partial payment of around Rs 50 crore.

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