Swan Energy's Strategic Partner Acquires RNEL Through SPV, NCLT Approval Clears Path for New Board

11 Dec 2023 , 02:29 PM

Hazel Mercantile, Swan Energy’s strategic partner, is to acquire RNEL through a special purpose vehicle (SPV) as per the exchange filing. National Company Law Tribunal (NCLT) approval was granted for the monitoring company, clearing the path for a new board formation.

Swan Energy holds a 74% stake in the SPV, with Hazel Mercantile holding the remaining 26%. Swan Energy’s stock trades at Rs 465.65 on the National Stock Exchange.

In the pre-open block deal window, 10 lakh shares exchanged hands at Rs 461 per share, amounting to Rs 4.61 crore.

Following the acquisition, RNEL’s existing 73.76 crore equity shares will be canceled, and 26.82 lakh new shares will be allotted.

The ratio for the new equity shares is one for every 275 ordinary equity shares held. Swan Energy fulfilled its obligation in the NCLT resolution plan by paying Rs 231.42 crore towards the remaining payments of RNEL on October 27.

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