BlackRock buys stake in Swan Energy via block deals worth ₹304 cr, Stock hit 5% upper circuit

According to data available on the National Stock Exchange of India (NSE), Blackrock bought 45.56 lakh shares of Swan Energy via open market transactions on Monday, July 8, translating into a stake of 1.45% in the company. Notably, Blackrock didn’t hold any prior stake in the firm.

Three Blackrock funds purchased the stake at an average price of ₹668.27 per share, bringing the total deal size to more than ₹304 crore.

Data shows that Blackrock Emerging Frontiers Master Fund Ltd bought 24.58 lakh shares of Swan Energy, Blackrock Global Funds - India Fund acquired another 18.2 lakh shares and Blackrock Strategic Funds - Blackrock Asia Pacific Absolute Return Fund got hold of 2.78 lakh shares in the company.

The sellers in Swan Energy included Mauritius-based private equity funds 2i Capital PCC and EOS Multi-Strategy Fund AIFLNP VCIC Ltd, which sold 15 lakh shares each. Dovetail India Fund also offloaded 12 lakh shares of the company, while Epitome Trading and Investments and Paulomi Ketan Doshi sold 1.76 lakh and 1.8 lakh shares, respectively.

On Tuesday, Swan Energy shares hit the 5% upper circuit for a third consecutive session to settle at ₹727.20 levels. The stock has gained nearly 18% in the past one month and a whopping 177% in the past one year. Year-to-date, the share price has gained nearly 43%.

Swan Energy is a leading petrochemical manufacturing company based in Mumbai. Founded in 1988, the company is also engaged in various other businesses, including textiles, realty, oil and gas, and trading.