Hot Pursuit     21-Feb-24
Swan Energy launches QIP; floor price at Rs 703.29/share
Swan Energy announced that its board has approved the opening of qualified institutional placement (QIP) of equity shares with the floor price of Rs 703.29 per share.
The company's board authorized and declared the opening of the issue on Tuesday, 20 February 2024.

The floor price of Rs 703.29 is at a discount of 6.23% to the previous day's closing price of Rs 750 on the BSE.

The company stated that it may offer a discount of not more than 5% on the floor price so calculated for the issue.

The firm has also informed that a meeting of the committee is scheduled to be held on Monday, 26 February 2024 to consider and approve the issue price of the equity shares.

Swan Group is among India's leading private sector business houses serving the nation for more than a century across textile, real estate and oil & gas sectors.

The company reported consolidated net profit of Rs 219.99 crore in Q3 FY24 as compared with net loss of Rs 157 crore posted in Q3 FY23. Revenue from operations stood at Rs 1,591.67 in Q3 FY24, steeply higher than Rs 101.09 crore recorded in the same period a year ago.

The scrip fell 1.57% to currently trade at Rs 738.20 on the BSE.

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