Swan Defence hits 5% lower circuit as OFS opens for non-retail investors

Hazel Infra, Swan Defence's promoter, is looking to sell up to 26.39 lakh equity shares, representing a 5.01 per cent stake, through the two-day OFS

An aerial view of Swan Defence and Heavy Industries shipyard in Gujarat, India.

SI Reporter Mumbai

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Shares of Swan Defence and Heavy Industries Ltd. fell 5 per cent to hit the lower circuit on Wednesday after the company's offer for sale (OFS) opened for non-retail investors.

The company's stock fell as much as 5 per cent during the day to hit its lower circuit at ₹2,279.2 per share, a day after it fell another 5 per cent. This compares with a 0.69 per cent gain in the Nifty 50 as of 9:50 AM.

Shares of the company fell for the second straight session and currently trade at 3 times the average 30-day trading volume, according to Bloomberg. The counter has risen 64 per cent this year, compared to a 9 per cent decline in the benchmark Nifty 50. Swan Defence has a total market capitalisation of ₹12,010.21 crore.

Swan Defence OFS opens today

The offer for sale (OFS) in Swan Defence and Heavy Industries opened on March 18, 2026, with only non-retail investors allowed to place bids on the first day, it said in an exchange filing.

Hazel Infra, the company's promoter, is looking to sell up to 26.39 lakh equity shares, representing a 5.01 per cent stake, through the two-day OFS. The company earlier said that the objective of this sale is to achieve Minimum Public Shareholding (MPS). According to the shareholding data on BSE, Hazel Infra has a 94.91 per cent stake in the company as of the December quarter.

The issue is being conducted via a separate window on the BSE and the National Stock Exchange of India (NSE) during market hours from 9:15 am to 3:30 pm on both days. The floor price for the offer has been set at ₹1,900 per equity share. JM Financial Services Ltd. will act as the broker for the sale.

Non-retail investors bidding on T Day can opt to carry forward their unallotted bids to March 19 (T+1 Day) and revise them, in line with OFS guidelines. The second day will be open to retail investors, along with non-retail investors who choose to carry forward their bids, the company said.

Swan Defence and Heavy Industries Limited (SDHI) is India’s largest shipyard, accounting for 30 per cent of the country’s shipbuilding capacity. Located on the west coast in Gujarat, the shipyard is strategically positioned near key global trade routes and maritime hubs, offering comprehensive multi-modal connectivity.

Earlier this year, Swan Defence, which owns the Pipavav Shipyard in Gujarat, announced the signing of a newbuild contract for six chemical tankers, marking the first such deal for any Indian shipbuilder, valued at $227 million.

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First Published: Mar 18 2026 | 10:04 AM IST