Seamec board approves demerger of EPC and Vessel division

HAL Offshore to be demerged into Seamec Ltd

Nov 16, 2017 03:11 IST India Infoline News Service

Seamec
In a meeting held on November 14, 2017, the Board of Directors of Seamec Limited considered and approved the draft Scheme of Arrangement between HAL Offshore Limited and Seamec Limited for Demerger of the EPC & Vessel Division of HAL Offshore Limited into Seamec Limited.

The proposed Scheme of Arrangement is subject to the further approval of the stock exchange, SEBI, NCLT and other regulatory authorities. At present, Seamec Limited is a subsidiary of HAL Offshore Limited.

As per the proposed scheme of arrangement, Seamec Ltd would credit 10 fully paid shares of face value Rs 10 for every 30 shares of Rs 10 held in HAL Offshore.

Also, Seamec would also issue 99 6% Non-Cumulative Compulsorily Redeemable Preference fully paid-up shares of Rs 10 each for every 30 shares held in HAL Offshore.

The BSE group 'T' stock of face value Rs 10 touched a 52 week high of Rs 194 on 07-Aug-2017 and a 52 week low of Rs 77.85 on 27-Dec-2016. Last one week high and low of the scrip stood at Rs 163.95 and Rs 151.05 respectively.

The promoters holding in the company stood at 69.57 % while Institutions and Non-Institutions held 3.95 % and 26.49 % respectively. The stock traded above its 100 DMA.

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