Swan Energy shares have seen rocket sea speed after the news of the company making advance payment for the acquisition of Anil Ambani's company Reliance Naval & Engineering.
Reliance Naval and Engineering Limited (RNIL), the company of Anil Ambani, younger brother of Asia's richest man Mukesh Ambani, has now joined the portfolio of Swan Energy, a leading solar plant installation firm. Since then, Swan Energy Stock is witnessing a stormy rise. While on Friday, the last day of the last trading week, it saw a strong rise of 19 percent, on Monday also the stock closed with a rise of 5 percent.
Swan Energy made advance payment
Shares of Swan Energy have gained momentum after the news of the company making advance payment under the deal made for Anil Ambani's company. According to the report, Swan Energy has completed the advance payment for the acquisition of Reliance Naval and Engineering Limited (RNIL) through the resolution plan of the National Company Law Tribunal (NCLT). An amount of Rs 231.42 crore has been released under this payment.
The company was deeply in debt
Anil Ambani's RNIL's resolution plan of Rs 2,133 crore was approved by NCLT in December 2022. Under this deal, the applicant winning the resolution was to pay the lenders in six installments and the company's lenders were to release an installment of Rs 293 crore as advance payment by March 2023, but it continued to accelerate. Information has been shared by Swan Energy that the advance payment has been completed.
The stock ran like a rocket on Friday
The news of installment payment had a direct impact on the shares of Swan Energy. Last Friday, this stock reached its 52-week high with a rise of 18.58 percent. However, after the end of trading, its pace slowed down a bit and it rose by 12.13 percent and closed at Rs 368.95. This jump in the price of Swan Energy Share was also visible on Monday, the first trading day of the week.
Touched a new high level on Monday
Indian stock market had a slow start on Monday, but despite this, the stock of Swan Energy Limited opened with gains. However, at the end of trading on Monday, the stock closed at Rs 388.50 with a rise of 5.23 percent. The stock also touched 52-week high during trading.
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