Nikhil Kamath and Bank of India Back Swan Defence's ₹500 Crore Offer for Sale

Nikhil Kamath and Quant Mutual Fund anchored an Offer for Sale (OFS) for Swan Defence, raising approximately ₹500 crore. The OFS was oversubscribed 1.2 times, reflecting strong institutional confidence. The sale involved 5.01% of the company's total equity through BSE and NSE, meeting SEBI's public shareholding requirements. The average price was ₹1,905-1,910 per share. SDHI's shipyard in Gujarat has secured significant orders and completed multiple ship repair projects.

Published Mar 23, 2026

Nikhil Kamath and Quant Mutual Fund led the Offer for Sale (OFS) for Swan Defence and Heavy Industries Limited, raising an estimated ₹500 crore. The OFS was oversubscribed 1.2 times, indicating strong institutional interest.

AI-curated by Theia

Conducted by promoter Hazel Infra Limited, the sale involved up to 5.01% of total equity, or 26.38 lakh shares, on BSE and NSE, adhering to SEBI's minimum public shareholding requirements. Institutional participation was primarily from long-only funds including Bank of India. Operationally, SDHI's shipyard in Gujarat has secured orders for six chemical tankers from Norway's Rederiet Stenersen AS and a defense contract with the Royal Navy of Oman, completing over 10 repair projects with improved execution.