The said funds would raised by way of one or more public and/or private offerings including on a preferential allotment basis and/or a qualified institutions placement and/or rights issue and/or further public offering.

The company’s board has also accorded its approval for the constitution of the fund-raising committee, a committee of the board of directors, for dealing with all matters pertaining to the proposed fund raising.

The company would also seek the requisite approval from its shareholders through extra ordinary general meeting, the details of which would be communicated in due course.

Swan Energy is a diversified conglomerate with interests in textiles, energy, construction, and other sectors.

The company had reported net profit of Rs 84.58 crore in Q2 September 2023 as against net loss of Rs 31.96 crore in Q2 September 2022. Net sales soared 752.62% year-on-year to Rs 1223.26 crore in Q2 September 2023.

The scrip shed 0.13% to currently trade at Rs 512.80 on the BSE.