The floor price was set at Rs 1,900 per share, a discount of 20.82% to the stock's closing price of Rs 2399.70 on 17 March 2026.

The OFS opened on March 18 for non-retail investors. Retail investors participated on March 19, along with non-retail bidders carrying forward unallotted bids. The offer was conducted through a special window on the BSE and NSE during market hours.

On Day 1 (T-day), the OFS received subscription for 28,39,234 shares. It was subscribed 119.55% on the total non-retail offer size of 23,74,872 shares.

On Day 2 (T+1 day), the OFS received subscription for 4,29,280 shares. It was subscribed 16.27% on the total offer size of 26,38,747 shares.

As of December 2025, Hazel Infra held a 94.91% stake in Swan Defence and Heavy Industries.

Swan Defence, formerly known as Reliance Naval and Engineering, is a shipbuilding and heavy fabrication company in India. Strategically located on the west coast of India, the shipyard operates the country’s largest dry dock and has a fabrication capacity of 144,000 tons per annum.

The company had reported a consolidated net loss of Rs 33.11 crore in the quarter ended December 2025 as against net loss of Rs 53.35 crore during the previous quarter ended December 2024. Sales surged to Rs 5.87 crore in Q3 FY26 from Rs 1.16 crore in Q3 FY25.