Firm setting up solar plants will buy Anil Ambani's company, know the whole matter

Swan Energy is going to buy Anil Ambani promoted company Reliance Naval & Engineering. For this, Swan has planned to raise Rs 1435 crore from a Singapore based company. Swan has to pay the price in 6 installments.

Swan Energy, which is going to set up the country's second largest solar plant, is now going to acquire the company of Mukesh Ambani's younger brother Anil Ambani. For this, Swan Energy has planned to raise Rs 1,435 crore from Singapore's foreign portfolio investor GCP INAB Pte Ltd. This money will be used for the acquisition of Anil Ambani's Naval and Engineering i.e. RNEL. According to the information, Swan is planning to raise money by issuing preferential shares.

On Friday, Swan Energy informed the stock market that the board passed a resolution to raise funds by issuing preferential shares to GCP INAB at a premium of Rs 495. On Friday, the company withdrew its June proposal to raise Rs 690 crore from the same investors by issuing preferential shares. No official statement has come from Swan Energy yet. The price of the preference shares is at a 66 per cent premium to Friday's closing price of Rs 298.4 per share.

This is the whole matter

In December last year, the National Company Law Tribunal (NCLT) had approved the Rs 2,108 crore resolution plan for RNEL jointly offered by Hazel Mercantile and Swan Energy. The applicant who won the resolution had to pay the lenders in six installments. The first installment was Rs 292 crore which was to be paid in March 2023 also. According to court documents, the NCLT bench gave the company twice time to pay the lenders.

But due to not paying the money on time, a fine of two percent was also imposed on the applicant who won the resolution as interest on the installment. In its final order dated August 1, the NCLT bench granted further time of 45 days, which ended in mid-September. After this the company applied for a two-month extension to avoid the defaulter tag. The case has been listed for hearing on October 5.

When which installment is to be paid?

Meanwhile, the company has called an extraordinary general meeting on October 19 to seek shareholders' approval to raise funds by issuing preferential shares to the Singapore-based fund. As of now the winning bidder has not yet paid the first installment. Whereas the second installment is of Rs 312 crore, which is to be paid in December 2023.

After that, the company has to pay the third installment of Rs 196 crore in December 2024. The fourth installment of Rs 188 crore is to be paid in December 2025 and the sixth installment of Rs 280 crore is to be paid by December 2026. The last installment is in December 2027, the company has to pay Rs 864 crore.