MC EXCLUSIVE Nikhil Kamath, Quant MF picked up stake in Swan Defence promoter offer for sale

Shipyard

• Kamath, Quant MF bought nearly half of SDHI shares on sale
• Hazel Infra sold 5 percent stake in SDHI via Rs 501 crore offer
• SDHI wins big shipbuilding orders, delivers projects early

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Zerodha co-founder Nikhil Kamath and Quant Mutual Fund picked up significant stake in the recently concluded offer for sale by the promoter entity of Swan Defence and Heavy Industries Limited (SDHI), people aware of the development told Moneycontrol

Sources added that the two investors picked up close to half of the shares sold in the offer for sale.

The Rs 501 crore offer for sale, which successfully closed on March 19, saw promoter entity Hazel Infra divest a five percent stake. The offer was subscribed 1.2 times.

The offer for sale was aimed at meeting SEBI's minimum public shareholding requirements. As of December 2025, Hazel Infra held a 94.91 percent stake in Swan Defence and Heavy Industries. Hazel Infra sold over 26 lakh shares at a floor price of Rs 1,900 per share.

Swan Defence declined to comment. Spokespersons for Quant MF and Nikhil Kamath could not be immediately reached for a comment.

Swan Defence, formerly known as Reliance Naval and Engineering, is a shipbuilding and heavy fabrication company.

After a successful revitalization of Pipavav, India’s largest shipyard, SDHI has bagged significant orders including six chemical tankers from European shipowner Rederiet Stenersen AS for $277 million and a defence export order for the Royal Navy of Oman. Under the new management, the shipyard has already delivered 10 repair projects, including Indian Coast Guard vessels, commercial vessels, and offshore rigs, each ahead of schedule, demonstrating success.

The offer for sale comes at a time when global markets continue to navigate geopolitical uncertainties.

Despite these headwinds, investor sentiment towards India’s shipbuilding and defence sectors remains notably resilient and forward-looking, one of the sources cited above said.

Several factors such as progressive maritime policies, government’s mandate towards indigenization, and a strengthening global shipbuilding cycle are providing tailwinds for companies like Swan Defence, the source added.