News for Reliance Naval and Engineering Limited (RNAVAL.NS)

Last year, Swan Energy Ltd acquired the company with the goal of becoming a leading private player in the manufacturing of naval defence and oil and gas vessels.

Swan Energy Limited resumes operations at Pipavav shipyard, completing refit of Indian Coast Guard vessel ahead of schedule.

Swan Energy Ltd.'s share price rose to the highest level in nearly two months after the company informed the exchanges that its subsidiaries' boards had agreed to a merger. Triumph Offshore Pvt. Ltd., a wholly–owned subsidiary, and Reliance Naval and Engineering Ltd., a step down subsidiary, at their board meetings on Nov 22, approved a scheme of arrangement and amalgamation between the companies, the creditors and shareholders, Swan Energy said in an exchange filing on Friday.

Swan Energy shares surged 6% after approving the amalgamation of Triumph Offshore and Reliance Naval, aiming to streamline operations and enhance competitiveness in the shipbuilding and engineering sectors.

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

Swan Energy share price: Shares of Swan Energy fell 4.86 per cent to settle at Rs 538.35. The stock has slipped 18.29 per cent in the past one month.

Swan Energy Limited repays ₹2,206 crore loan, reduces debt, raises ₹3,000 crore through QIP for shipyard modernization.

Swan Energy share price: The stock moved 3.58 per cent up to trade at Rs 746. The QIP was priced at Rs 670 per share, inclusive of a premium of Rs 669 per share.

A report said Swan Energy aims to use the funds from the QIP for debt reduction and modernising facility.

Swan Energy stock has delivered bumper returns to investors so far in 2023 as the stock has surged 65 percent year-to-date.

Swan Energy share price: The stock was just 0.71 per cent away from its one-year high price of Rs 463.80, a level seen on November 12 this year. That said, the multibagger counter has gained 139.04 per cent from its 52-week low of Rs 192.65, hit on March 28, 2023.

Read more about Tide Water, Easy Trip, Prozone Intu, RCom zoom over 100% in a month on Business Standard. Tide Water Oil was locked in the upper circuit for the second straight day, up 5 per cent at Rs 12,030.80 after the company announced a 1:1 bonus, Rs 200 dividend, and a stock split from Rs 5 to Rs 2