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Illustration: Ajay Mohanty
Shares of Swan Energy got locked in the 5 per cent upper circuit at Rs 727.20 per share on the NSE in Tuesday’s early morning deals. In comparison the Nifty50 rose 0.25 per cent to 24,382 levels, as of 10:04 AM IST.
The stock of the company had also hit its upper circuit on Monday, rallying 10 per cent in the last two trading sessions.
This came after the global asset manager BlackRock purchased shares of Swan Energy for Rs 304 crore through open market transactions on Monday. US-based BlackRock, through its three affiliates, acquired around 4.55 million shares, representing a 1.45 per cent stake in Mumbai-based Swan Energy, according to block deal data from the National Stock Exchange (NSE).
The shares were bought at an average price of Rs 668.27 each, totaling the transaction size to Rs 304.50 crore.
Simultaneously, several entities including Mauritius-based private equity fund 2i Capital PCC, EOS Multi-Strategy Fund AIFLNP VCIC, Dovetail India Fund, Epitome Trading and Investments, and Paulomi Ketan Doshi sold Swan Energy shares in the price range of Rs 666.20 to Rs 692.60 per share.
Swan Energy is involved in the manufacturing and marketing of various fabrics including cotton, polyester cotton, linen, and viscose fabrics, as well as non-lycra products. Additionally, the company is engaged in the development of commercial and residential real estate properties.
Swan Energy has a total market capitalisation of Rs 22,794 crore. Its shares are currently trading at a price to earnings multiple of 37.05 times, NSE data showed.
First Published: Jul 09 2024 | 10:07 AM IST
