MC EXCLUSIVE: Nikhil Kamath and Quant Mutual Fund Acquire Stake in Swan Defence Systems Amid Promoter's Exit Offer

Swan Defence and Heavy Industries Attracts Significant Investment

Nikhil Kamath, co-founder of Zerodha, and Quant Mutual Fund have acquired a substantial stake in Swan Defence and Heavy Industries Limited (SDHI) through the recently concluded offer for sale by the promoter entity, Hazel Infra. Sources close to the matter indicate that the two investors collectively acquired nearly half of the shares sold in the offer.

Key Details

• Offer for Sale: Rs 501 crore
• Subscribed: 1.2 times
• Floor Price: Rs 1,900 per share
• Shares Sold: Over 26 lakh
• Stake Divested: 5%
• Hazel Infra's Stake: 94.91% as of December 2025

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The offer was aimed at meeting the SEBI's minimum public shareholding requirements. Swan Defence and Heavy Industries, formerly known as Reliance Naval and Engineering, is a shipbuilding and heavy fabrication company that has experienced significant growth under new management. The company has secured major orders, including a $277 million contract for six chemical tankers and a defence export order for the Royal Navy of Oman.

Market Outlook

Investor sentiment towards India's shipbuilding and defence sectors remains resilient and forward-looking, driven by factors such as progressive maritime policies, government mandates for indigenization, and a strengthening global shipbuilding cycle. Despite global market uncertainties, companies like Swan Defence and Heavy Industries are poised to benefit from these tailwinds.