Hazel Infra Limited to Initiate Offer for Sale of Swan Defence and Heavy Industries Shares
Mumbai, India – Hazel Infra Limited, the promoter of Swan Defence and Heavy Industries Limited (formerly Reliance Naval and Engineering Limited), announced an Offer for Sale (OFS) of up to 26,38,747 equity shares, representing 5.01% of the company’s total issued and paid-up equity share capital. The OFS will take place over two trading days: March 18, 2026, for non-Retail Investors, and March 19, 2026, for Retail Investors and non-Retail Investors who choose to carry forward unallotted bids.The offer is being undertaken to achieve minimum public shareholding requirements as prescribed under applicable regulations, including Rule 19(2)(b) and Rule 19A of the Securities Contracts (Regulation) Rules, 1957, and Regulation 38 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. JM Financial Services Limited has been appointed as the Seller's Broker for the transaction.
| Detail | Particulars |
|---|---|
| Name of the Seller | Hazel Infra Limited |
| Company Name and ISIN | Swan Defence and Heavy Industries Limited (formerly Reliance Naval and Engineering Limited); INE542F01020 |
| Stock Exchanges | BSE Limited and National Stock Exchange of India Limited |
| Designated Stock Exchange | NSE |
| Designated Clearing Corporation | NSE Clearing Limited |
| Dates and Times | March 18, 2026 (Non-Retail Investors) and March 19, 2026 (Retail Investors); 9:15 a.m. to 3:30 p.m. IST |
| Allocation Methodology (Non-Retail) | Bids prioritized at or above the Floor Price. Non-Retail Investors can carry forward unallotted bids to March 19, 2026. |
| Allocation Methodology (Retail) | Minimum 10% of Offer Shares reserved; bids accepted at Floor Price or Cut-off Price. |
| Total Offer Shares | Up to 26,38,747 equity shares |
| Floor Price | ₹1900 per share |
The Seller reserves the right to cancel the Offer if there is insufficient demand at or above the Floor Price. The Offer is subject to various conditions outlined in the notice, including restrictions on the participation of promoters and members of the Promoter Group. Bidders outside the United States are required to comply with specific regulatory guidelines.
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