Swan Energy update on acquisition of Reliance Naval & Engineering

Swan Energy announced that in accordance with the order of the Hon'ble NCLT, Ahmedabad Bench dated 23 December 2022, issuance of 1 equity share for every 275 equity shares held by the existing shareholders of RNEL is completed. RNEL is in the process of obtaining the relisting approval from the stock exchanges and has made the required payments as demanded by the exchanges. The final listing approval is under consideration of the exchanges.

Swan Energy is a strategic investor of Successful Resolution Applicant (SRA), i.e., Hazel Mercantile (HML), through a Special Purpose Vehicle, namely Hazel Infra (HIL), to acquire Reliance Naval & Engineering.

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