Reliance Naval

Albula Investment Fund on Friday sold shares of Swan Energy for Rs 157 crore through an open market transaction. Bandhan Mutual Fund (MF), Samco MF, BNP Paribas Arbitrage, Societe Generale, and Resonance Opportunities Fund, among others were the buyers of shares. According to the block deal data available with the National Stock Exchange (NSE), Albula Investment Fund offloaded 30.24 lakh shares, amounting to a 1.14 per cent stake in Swan Energy. The shares were disposed of at an average price of Rs 519.90 apiece, taking the deal value to Rs 157.22 crore. Shares of Swan Energy rallied 7.48 per cent to close at Rs 563.60 per piece on the NSE. Swan Energy on Thursday said it has formally taken over management control of Reliance Naval & Engineering. The company had emerged as the winning bidder under an insolvency resolution process. The acquisition of Reliance Naval marks the company's entry into the shipbuilding, ship repairing, and heavy fabrication industry. Swan Group has ...

Swan Energy on Thursday said it has formally taken the management control of Reliance Naval & Engineering. The company had emerged as the winning bidder under an insolvency resolution process. The National Company Law Tribunal-appointed monitoring committee has handed over the management control of the company with the approval of the committee of creditors to Swan Energy, according to a statement. Swan Energy has constituted a board with its managing director Nikhil Merchant as the executive director, and Paresh Merchant and Bhavik Merchant as board members of Reliance Naval. It will finalise plans to put in place a top management structure to oversee operations of Reliance Naval. A special purpose vehicle -- Hazel Infra -- floated by Swan Energy had submitted as Rs 2,100 crore-bid for Reliance Naval. Swan Energy owns 74 per cent in Hazel Infra and the remaining 26 per cent is owned by Hazel Mercantile, in which Swan is a strategic investor. The acquisition of Reliance Naval ..

The Ahmedabad bench of NCLT has asked Swan Energy, the firm that had won the bid to buy Reliance Naval and Engineering Ltd in an insolvency proceeding, to make the upfront payment it had proposed in the resolution plan, sources said. Swan Energy is yet to make the upfront payment of around Rs 250 crore as proposed in the resolution plan, even as the second extended deadline ended on September 14. The company has once again approached the NCLT seeking an unprecedented third extension of two months. Sources said, the Ahmedabad bench of NCLT heard Swan Energy's plea on October 5, and directed the company to make the payment as proposed in the resolution plan, before it could consider its application for a third extension. The next hearing in this matter is scheduled on November 22. Swan Energy couldn't be immediately reached for comments. As per the resolution plan approved by the NCLT Ahmedabad, Swan Energy was to make an upfront payment of Rs 293 crore to the lenders of RNEL by Ma

Hazel Mercantile sought additional time to pay the upfront cash as it cited market upheaval for its inability to raise funds by the deadline

In talks with Hazel Mercantile to extend the deadline of payment

Lenders worried over their Rs 14,000-cr exposure in shipyard

Hazel has made an offer of Rs 2,500 crore for the company after lenders asked it to sweeten its earlier offer

The lenders are planning to close the deal within the next two weeks by voting on both revised proposals

Hazel Mercantile offered about Rs 2,100 crore - pipping Naveen Jindal group and GMS of Dubai by a huge margin

Lenders, staring at huge haircut, seek legal opinion

CoC to take a call on Wednesday

Bid submission date extended for fifth time as NCLT grants five more months to lenders to complete resolution process

A successful sale of Reliance Naval will help creditors, including IDBI Bank and SBI recoup part of the company's Rs 10,800 crore of debt.

US based firm has $28 mn market cap, has already bid for several bankrupt firms in India such as Lavasa Corp, Asian Colour Coated Steel and Reliance Naval

Mumbai-based Mazagon Dock Ltd (MDL) is also keen to gain access to Pipavav Shipyard, though it is not participating in the IBC process

The Indian Navy has cancelled Reliance Naval and Engineering Ltd's (RNEL) Rs 2,500-crore naval offshore patrol vessels (NPOVs) contract, owing to delay in delivery of the vessels

The US-based fund, Interups, has submitted the EoI, apart from Arcil, APM of Denmark, United Shipbuilding Corp of Russia, and Next Orbit Ventures

The disclosures were made after a November 2019 Securities and Exchange Board of India's directive asking companies to disclose defaults of 30 days and above

From sales of medium and heavy commercial vehicles falling by over half in Aug to the GST Council considering a breather for hybrid vehicles in its upcoming meeting, here is today's top business news

The risk of bankruptcy reemerged for the submarine maker after it failed to come up with a repayment plan even under the RBI's relaxed norms