Swan Defence and Heavy Industries Limited — JV/Acquisition, 23-04-2026: Amalgamation/Merger

Swan Defence and Heavy Industries (SDHIL) is set to merge with Triumph Offshore Private Limited (TOPL). This amalgamation aims to consolidate activities, streamline operations, achieve cost efficiencies, and boost scale, positioning the combined entity for growth in shipbuilding and heavy engineering.

TOPL shareholders will receive 1325 SDHIL Preference Shares (₹10 FV) for every 1000 TOPL Equity Shares (₹10 FV). SDHIL’s equity capital structure remains unchanged, so no equity dilution for existing shareholders. The scheme also involves cleaning up SDHIL's balance sheet by adjusting reserves against retained earnings. The NCLT has granted dispensations, fast-tracking approvals. Final shareholder approval meeting is on May 25, 2026.