Swan Energy’s share price gained in the early trade after the board of directors accepted an equity issue of Rs 690 crore.

Swan Energy will issue up to 2.3 crore equity shares of the face value of Re 1 each at Rs 300 (counting a premium of Rs 299 each or at a price not lower than the least price determined, on a preferential basis to the non-promoter. The issue size is amounting up to Rs 690 crore.

The issue is subject to the endorsement of the members in the extraordinary general meeting (EOGM) and suitable authorities.

The board approved the EOGM on July 20 at 11.30 am through video conferencing and other audio-visual means.
At 9:36 am, Swan Energy was trading at Rs 263.05, down Rs 2.90, or 1.09%, on the BSE.
The share moved a 52-week high of Rs 379 on January 23, 2023, and a 52-week low of Rs 180.30 on July 8, 2022.
It trades 30.59% below its 52-week high and 45.9% above its 52-week low.