Swan Energy Ltd on Tuesday said that TOPL, subsidiary of the company, has pre-paid Rs 300 crore, out of its internal accruals, to its consortium of senior lenders of Floating Storage and Regasification Unit (FSRU) Project. “TOPL has also created the required Debt Service Retention Account (DSRA) of ~Rs 95 crore,” it said in a regulatory filing.
The FSRU vessel was commissioned in February 2023, which represents India’s first new build FSRU initiative, embodying Swan Energy’s leadership in ushering transformative developments in the LNG sector. “The partial debt prepayment is a significant milestone achievement and demonstrates a strong financial position,” the company said.
Earlier in September, the company’s board had announced plans to raise Rs 1,435 crore through a preferential issue of 29 million shares at Rs 495 apiece. However, its not clear if these funds are being used for the debt prepayment.
Swan Group works across industries including textiles, real estate, oil & gas, petrochemicals, and with its recent acquisition of Reliance Naval and Engineering Limited, the firm has expanded into shipbuilding and heavy fabrication.