Swan Defence shares re-list on stock exchanges, up 5% after listing
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Swan Defence and Heavy Industries marked its return to Dalal Street on Monday, with shares re-listing on the National Stock Exchange (NSE) and BSE after a hiatus of 1.5 years. The stock rose by as much as 5%, reaching an intra-day high of Rs 37.78 on the BSE during the session. The re-listing coincides with the company’s recent rebranding efforts. Earlier this month, Swan Energy announced that its acquired entity, Reliance Naval and Engineering Ltd (RNEL), had been renamed Swan Defence and Heavy Industries Ltd, effective January 2, 2025. This move follows Swan Energy’s acquisition of the former Reliance Naval & Engineering, previously part of the Anil Ambani group. The company aims to position itself as India’s leading private player in naval defence and the construction of oil and gas vessels. As part of the reorganization, the old shares of RNEL have been replaced by shares of Swan Defence and Heavy Industries at a conversion ratio ...