Seamec lost 3.57% to Rs 96 at 13:05 IST on BSE after HAL Offshore announced an open offer for acquisition of upto 88.14 lakh equity shares of the company at an offer price of Rs 97 per share.
The announcement was made after market hours on Tuesday, 22 April 2014.
Meanwhile, the S&P BSE Sensex was up 115.25 points or 0.51% at 22,873.62.
On BSE, so far 49,000 shares were traded in the counter as against average daily volume of 34,000 shares in the past two weeks.
The stock hit a high of Rs 104.50 and a low of Rs 94.90 so far during the day.
HAL Offshore on Tuesday, 22 April 2014, announced an open offer for acquisition of upto 88.14 lakh equity shares of Seamec, constituting 26% of the post-issue voting share capital of the company, at an offer price of Rs 97 per share.
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The open offer is triggered by the share purchase agreement (SPA) entered into between HAL Offshore and Coflexip Stena Offshore (Mauritius). Technip group firm Coflexip Stena Offshore (Mauritius) currently holds holds 75% stake in Seamec (as per the shareholding pattern as on 31 March 2014). In terms of the SPA, HAL Offshore proposes to acquire upto 2.54 crore equity shares representing upto 75% of the total paid-up equity share capital of Seamec in two tranches, subject to the number of equity shares acquired in the open offer. In the first tranche, HAL Offshore proposes to acquire 1.72 crore equity shares representing 51% of the equity share capital. Thereafter, subject to the number of equity shares acquired in the open offer, HAL Offshore will acquire such number of equity shares in the second tranche, to bring HAL Offshore's aggregate shareholding in Seamec to 75% of the equity share capital.
HAL Offshore said in a statement issued today, 23 April 2014, that it has entered a binding agreement for purchase of a majority stake of between 51% and 75% in Seamec from Technip at a consideration of Rs 97 per share. The acquisition allows for the development of the Seamec business and HAL's, and it is part of HAL's strategy to expand its fleet of specialised Diving Support Vessel as well as geographical presence, HAL Offshore said.
HAL Offshore is part of Delhi based MM Group.
Seamec's net profit spurted 540% to Rs 30.27 crore on 45.8% growth in net sales to Rs 126.39 crore in Q3 December 2013 over Q3 December 2012.
Seamec provides support services including marine, construction and diving services to offshore oilfields in India and abroad.
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