HAL Offshore Ltd (HAL) is an unlisted public company, part of Delhi based MM group and a leading ‘End to End’ solution provider of underwater services and EPC services to the Indian Oil and Gas Industry catering complete need of both offshore and Onshore requirements. The company has two distinct businesses viz., EPC & Vessel Division and Investment Division (consist of investment in real estate, shares and other securities), major clients being ONGC, Oil India and Cairns. Having a Networth of Rs 216.93 crores as on June 30, 2017.

Seamec Ltd, is a listed public company and a subsidiary of HAL offshore, one of the largest provider of diving support vessel in the Asia Pacific region, has experience in the ongoing subsea inspection, repair, maintenance and light construction required for the efficient and productive support of offshore oil production. The Company has a market cap of Rs 452 crores, shares are listed on BSE and on NSE.

Transaction

  • HAL offshore will demerge its EPC & Vessel Division business into Seamec Ltd with an appointed date of 1st July, 2017. Total consideration is around Rs 54 crores which is to be discharged as follows:
    • 10 shares of Rs 10 each of Seamec for every 30 shares of HAL offshore.
    • 99 6% Non-cumulative Compulsory Redeemable Preference shares of Rs 10 each of Seamec for every 30 shares of HAL offshore, for a period of 20 years with a redemption premium of Rs 151 per share.
  • Reason to issue preference shares is to avoid non-compliance of SEBI’s requirement of minimum Public shareholding in listed companies (Refer Shareholding pattern table).
  • Post demerger there will not be any change in management

HAL-Offshore-Demerger-Seamec-1

Shareholding Pattern

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