Swan Energy has received shareholders’ approval to raise Rs 1,200 crore through qualified institutional placement (QIP), global depository receipts (GDRs), American depository receipts (ADRs) and foreign currency convertible bonds (FCCBs). The proposal to raise the funds was passed by a majority vote at the annual general meeting of the company held on October 9.
The company’s activity includes manufacturing and marketing of cotton and polyester sarees and shirtings in India.The company has also constructed a residential complex at Sewri and a techno park at Kurla in the city of Mumbai.
