Swan Defence Approves Fund Raising Up to ₹4,000 Cr, Reappoints Auditors, Sets AGM Date
Swan Defence and Heavy Industries Limited will raise up to ₹4,000 crores via QIP, debt, or other modes. The company approved audited standalone and consolidated financial results for FY26. Mr. Jignesh Shah appointed CFO, replacing Mr. Rajesh Bhardwaj. The 29th AGM is on September 2, 2026.
The planned fundraising of ₹4,000 crores is a material event that could significantly impact the company's financial structure and future operations. Key management changes and the approval of financial results are also significant.
The company is planning to raise a significant amount of capital, which can fuel future growth. Key management changes are being implemented, and the company has received an unmodified audit opinion on its financial results.
Swan Defence and Heavy Industries Limited (formerly Reliance Naval and Engineering Limited) announced the outcome of its Board Meeting held on May 27, 2026. The Board approved the audited financial results for the financial year ended March 31, 2026, including both standalone and consolidated Profit and Loss accounts and Balance Sheets. The company also secured an auditor's report with an unmodified opinion.
In a significant move, the company plans to raise funds up to ₹4,000 crores through various permissible modes such as Qualified Institutions Placement, Debt Issue, Preferential Issue, Further Public Offer, or Rights Issue, subject to shareholder and regulatory approvals.
The Board re-appointed M/s Mahajan & Aibara as the Internal Auditors for FY 2026-27. The 29th Annual General Meeting (AGM) is scheduled for Wednesday, September 2, 2026, at 11:30 AM IST, to be conducted via video conferencing. The Register of Members and Share Transfer Books will be closed from August 27, 2026, to September 2, 2026, for the AGM.
In key management changes, Mr. Rajesh Bhardwaj resigned as Chief Financial Officer (CFO) effective May 27, 2026. Mr. Jignesh Shah has been appointed as the new CFO effective May 28, 2026. The Risk Management Committee has also been reconstituted, with Mr. Jignesh Shah being appointed as a member. The updated list of Key Managerial Personnel (KMP) authorized for disclosures was also approved, effective May 28, 2026.
The company's financial statements for the year ended March 31, 2026, indicate a significant book loss of ₹26,200 lakhs on the sale of 5 Offshore Vehicles (OSVs) which had a book value of ₹33,200 lakhs.
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Swan Defence and Heavy Industries Limited filed this with the NSE as a statutory disclosure, categorised under other results related. It is a primary document, not a recommendation, and the desk marks it high impact, which is the band that most often changes something.
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