Reliance Naval and Engineering shares get relisted at Rs 35.99 a piece
Shares of Swan Defence and Heavy Industries Limited (formerly Reliance Naval and Engineering Limited, RNEL) got relisted on the exchanges on 20 January 2025 through a price discovery session akin to an IPO. The shares (with face value of Rs 10 each) got listed at Rs 35.99, and at the time of filing of this report (13:37 IST), shares of the company were trading Rs 37.78, up almost 5% from its listing price.
This development follows Swan Energy Ltd.’s acquisition of Reliance Naval and Engineering Limited, finalized through the NCLT process in January 2024. The acquisition aligns with Swan Energy’s strategic goal of becoming a prominent player in green ship-breaking, ship repairing, and establishing a key manufacturing hub in the Asia Pacific region.
Rebranding and revival
On 2 January 2025, Swan Energy announced the rebranding of Reliance Naval and Engineering Limited to Swan Defence and Heavy Industries Limited, signifying the start of a new chapter. Speaking on the occasion, Vivek Merchant, Director, Swan Defence and Heavy Industries, stated:
“The resumption of trading marks a new journey to transform our shipyard into a premier global maritime hub, strengthening India’s position in global shipbuilding. We welcome all stakeholders to the Swan Family,” the company said in a statement
Operational Achievements:
As part of its operational revival, the company achieved a significant milestone with the refit of the Indian Coast Guard’s fast patrol vessel, Raj Ratan, completing the project ahead of schedule on November 30, 2024. The refit, which began on September 4, 2024, was carried out in collaboration with Sadhav Offshore Engineering Pvt. Ltd., showcasing the shipyard’s execution capabilities.
With these achievements, the company is now gearing up to commence shipbuilding operations at its state-of-the-art shipyard, positioning itself as a key player in India’s maritime industry.
Shareholding and Equity Structure:
The old shares of RNEL have been replaced by shares of Swan Defence and Heavy Industries at a ratio of 275 RNEL shares for 1 Swan Defence share.
There are 26.81 lakh shares held by the public, and an additional 5 crore shares issued to the NCLT acquirer, Hazel Infra, bringing the total equity to ₹52.68 crore (5.268 crore shares of face value ₹10 each).
Swan Energy’s Diversified Ventures:
Apart from its original businesses in textiles and real estate, Swan Energy has expanded into various high-growth sectors through strategic partnerships:
– FSRU JV with AG&P Terminals & Logistics (Singapore): Swan holds 51%.
– SPV with Balu Forge: Focused on defence, railway, and aerospace sectors, Swan holds 60%.
– SPV with Navyuga Engineering Co. Ltd.: Specializing in infrastructure and real estate, Swan holds 55%.
– Veritas: Engaged in the international trade and distribution of polymers and petrochemicals, Swan holds 55%.
The relaunch of Swan Defence and Heavy Industries reflects Swan Energy’s commitment to innovation and sustainable growth. By capitalizing on its shipyard revival and diversified ventures, the company aims to strengthen its position as a leading player in the global maritime and industrial sectors.
Also See: Swan Energy restarts Reliance Naval and Engineering shipyard
