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HAL buys Seamec
India’s HAL Offshore has snapped up domestic shipping rival Seamec following a deal with its previous majority owner Technip.
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Found an interesting story?
HAL buys Seamec
India’s HAL Offshore has snapped up domestic shipping rival Seamec following a deal with its previous majority owner Technip.
Seamec said HAL had acquired 17.28m shares, or 51% of its equity.
This would have cost INR 1.67bn ($28.24m) at the offer price of INR 97 per share.
New Delhi-based HAL had agreed in April to buy the majority holding from the French subsea giant, which owns a 75% stake.
The deal triggered an open offer to other shareholders for the remaining 25% of outstanding shares in the Bombay-listed company.
Seamec owns and operates five diving support vessels providing subsea services in India.
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