Swan Defence shares in 5% lower circuit as OFS opens today for non-retail investors

Shares of Swan Defence and Heavy Industries Ltd. hit the lower circuit of 5% on Wednesday, March 18, after its promoter announced a stake sale via an offer for sale (OFS).

Promoter Hazel Infra Ltd. plans to divest a 5.01% stake through an OFS on March 18 and 19 to meet minimum public shareholding norms.

Based on the December quarter shareholding pattern, promoters of Swan Defence and Heavy Industries had a 94.91% stake in the company, which is higher than the Minimum Public Shareholding norms of 75%.

The floor price for the issue has been set at ₹1,900 per share, with the transaction expected to raise around ₹501.3 crore.

The OFS is scheduled to be completed before March 24, 2026. Following the transaction, Hazel Infra's stake in the company will reduce from the current 94.9%.

A key monitorable for the stock post the offer will be its ability to attract credible long-term investors and rebuild market confidence.

On the business front, the company has secured notable orders in recent months.

In January 2026, it received an order from Rederiet Stenersen AS for the construction of six 18,000 deadweight tonnage chemical tankers, valued at $227 million, or approximately ₹2,080 crore. These vessels are expected to be delivered over a period of 36 months.

In February 2026, the company also secured a defence export order from the government of the Sultanate of Oman to supply a training ship, which is scheduled for delivery within 18 months.

Swan Defence operates across commercial shipbuilding and repair, defence shipbuilding, and offshore heavy fabrication.

The company has had a turbulent ownership history, having transitioned from Pipavav to Reliance Infrastructure and now to Swan Energy Ltd. following insolvency proceedings.