Swan Defence and Heavy Industries Ltd said its promoter entity Hazel Infra Ltd plans to sell up to 26.38 lakh equity shares, representing around 5.01% stake, through an offer for sale (OFS).
According to the company’s exchange filing, the company has granted pre-dealing approval to Hazel Infra Ltd to proceed with the share sale.
The approval was issued by Company Secretary Priti P. Dave on March 17, 2026, following a formal application by the promoter.
Under the approval, Hazel Infra has been permitted to dispose of up to 26,38,747 equity shares of the company.
Transaction timeline
The promoter will be able to execute the transaction starting March 18, 2026, and the sale must be completed within five trading days, with March 24, 2026 set as the final deadline.
If the transaction is not completed within the stipulated timeline, the promoter will be required to seek fresh pre-clearance before proceeding with the share sale, the filing said.
The company said the approval follows the established compliance framework and applies only to the specified quantity of shares within the defined trading window.
Swan Defence operates the Pipavav shipyard facility, which was earlier owned by bankrupt Reliance Naval and Engineering Limited. The company currently has a market capitalisation of around ₹12,000 crore.
Hazel Infra is a special purpose vehicle floated by Swan Energy LTd to take over Reliance Naval and Engineering through the insolvency resolution process.
Swan Energy holds 74% stake in Hazel Infra, while the remaining 26% is held by Hazel Mercantile Limited, in which Swan Energy is a strategic investor.
The Swan Group has business interests spanning textiles, real estate, oil and gas, and petrochemicals.
Shares of Swan Defence and Heavy Industries ended marginally higher on Tuesday, March 17, by 0.50% at ₹2,399.10 on the NSE.
First Published:Â Mar 17, 2026 8:40 PM IST
