Swan LNG (SLPL), a subsidiary of business conglomerate Swan Energy (SEL), has pre-paid its entire loan of Rs 2,206 crore along with interest to a consortium of banks.
With the prepayment, the company will save around Rs 250 crore in interest payment. SEL’s debt has subsequently fallen to Rs 1,675 crore. The external debt position of the group was Rs 4,128 crore in September 2023, which was reduced to Rs 3,817 crore in December, it said in a statement. To facilitate the pre-payment, SEL has lent Rs 2,210 crore to SLPL.
SEL, the successful resolution applicant for Reliance Naval and Engineering (RNEL), recently raised Rs 3,000 crore through a qualified institutions placement. The funds will be deployed towards modernisation of RNEL’s shipyard at Pipavav. A portion of the funds will also be allocated for project expansion and debt reduction, it said.
