HAL OFFSHORE

By Research Desk
about 12 years ago

HAL Offshore Ltd has filed its DRHP with Sebi on 22/1/07 for an IPO for entering the capital market with an issue of

33 lakh equity shares. Out of which 3 lakh equty shares have been reserved for employees and shareholders of the group companies. The net issue to the public shall be 30 lakh shares of Rs 10 each at a premium to be decided through a 100% book building process. The issue will constitute 27.72% of the post issue paid up capital of the company

 

The proceeds of the issue will be used to finance the acquisition of one MSV either newly built or second hand on outright ownership including Bare Boat Charter cum and allied equipment to be installed on such MSV; to list the shares on the stock exchanges and to meet the issue related expenses.

 

The book running lead manager to the issue is Fortune Financial Services (India) and the shares are proposed to be listed on BSE and NSE.

The company was incorporated in the year 1996 as Himachal Alkalies Limited. It diversified into offshore marine services and the name of the company was subsequently changed to HAL Offshore Limited to reflect its key business activities. Their company started the offshore services business in the year 1998 by securing the global tender for operation and maintenance Management of MSVs owned by an Indian Oil & Gas Major.

The company is engaged in the business of providing integrated offshore services to the oil and gas industry, more specifically to Exploration, Exploitation and Production (E&P) companies. The company provides these services to clients under fixed period contracts ranging from 1-5 years. A predominant portion of the company's services are currently being provided to an Indian Oil and Gas Major engaged in offshore exploration activities in Arabian Sea.

 

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