Swan Energy Ltd (SEL) on Thursday, December 29, said the Ahmedabad bench of the National Company Law Tribunal (NCLT) has approved the resolution plan submitted by Hazel Mercantile Ltd (HML) to acquire Reliance Naval and Engineering Ltd (RNEL). SEL is a strategic partner with HML, through an SPV, namely Hazel Infra Ltd (HIL), to acquire RNEL.

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The company said the NCLT had published a written order on December 28, 2022, which sets out in detail the provisions of the resolution plan (including the financial proposal, and treatment of claims of stakeholders of the company).

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According to the resolution plan, it provides for the cancelation of all currently outstanding ordinary equity shares being held by the existing shareholders, subject to the issuance of one fresh equity share of the face value of Rs 10 for every 275 ordinary equity shares held by the existing shareholder. Thus, 73,75,91,263 existing equity shares of the face value of Rs 10 each will become 26,82,150 ordinary equity shares of Rs 10 each.

It is also provided that the special purpose vehicle Hazel Infra Ltd shall take over the corporate debtor and this SPV shall subscribe to 5,00,00,000 fresh ordinary equity shares of the face value of Rs 10 each.

Shares of Swan Energy Ltd ended at Rs 287.40, up by Rs 2.60, or 0.91 percent on the BSE.