Swan Energy shares locked in 5% upper circuit after ₹304 Crore block deal

9 Jul 2024 , 12:43 PM

Swan Energy Ltd shares are locked in a 5% upper circuit today after BlackRock, the world’s largest asset manager, purchased a stake in the firm on Monday via block purchases through its funds.

At around 12.33 PM, Swan Energy was trading 5% higher at ₹727.20, against the previous close of ₹692.60 on NSE.

According to available data, the BlackRock Emerging Frontiers Master Fund Ltd. and BlackRock Global Funds India Fund invested 0.78% and 0.58% in Swan Energy, respectively.

The BlackRock Emerging Frontiers Master Fund Ltd. purchased 24.58 lakh shares of the company at an average price of ₹668.27 per share, while the BlackRock Global Funds India Fund acquired 18.2 lakh shares at the same price. The transaction value for both funds was just over ₹285 Crore.

The BlackRock Strategic Funds – BlackRock Asia Pacific Absolute Return Fund bought 2.78 lakh shares for around ₹19 Crore. BlackRock had no prior interest in Swan Energy as of the March quarter.

The selling stockholders in the block deal included 2I Capital PCC, Dovetail India Fund, EOS Multi-Strategy Fund, Epitome Trading and Investments, and Paulomi Ketan Doshi.

As of March 31, 2I Capital PCC held a 1.9% interest in Swan Energy, while the Dovetail India Fund held 1.39%.

Swan Energy engages in a variety of sectors, including textiles, real estate, oil and gas, petrochemical manufacture, and trading.

The stock has gained 35% so far in 2024, and over the last year, it has increased by more than 163%.

Swan Energy Ltd. (formerly Swan Mills Limited) was formed on February 22, 1909. The Dave and Merchant families control and operate the company, which they acquired from the J.P. Goenka Group in 1992.

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