Hazel Infra, the company’s promoter, is offering a base lot of 26,38,747 shares, representing 5.01% of the company’s equity.
The floor price has been set at Rs 1,900 per share, a discount of _ % to the stock’s previous close of Rs 2399.70 on March 17, 2026.
The OFS opened on March 18 for non-retail investors. Retail investors can participate on March 19, along with non-retail bidders carrying forward unallotted bids. The offer is being conducted through a special window on the BSE and NSE during market hours.
By 3:30 p.m. on T Day, the non-retail portion was subscribed 119.55% of the offer size. Bids were received for 28.39 lakh shares against 23.74 lakh shares on base non-retail offer.
As of December 2025, Hazel Infra held a 94.91% stake in Swan Defence and Heavy Industries.
Swan Defence, formerly known as Reliance Naval and Engineering, is a shipbuilding and heavy fabrication company in India. Strategically located on the west coast of India, the shipyard operates the country’s largest dry dock and has a fabrication capacity of 144,000 tons per annum.
The company had reported a consolidated net loss of Rs 33.11 crore in the quarter ended December 2025 as against net loss of Rs 53.35 crore during the previous quarter ended December 2024. Sales surged to Rs 5.87 crore in Q3 FY26 from Rs 1.16 crore in Q3 FY25.