Garware Offshore Board to consider raising funds for acquiring PSV and OSV

Garware Offshore Services Ltd has announced that a meeting of the Board of Directors of the Company will be held on December 20, 2006 to consider the following:

1. Raising funds upto USD 25 Million through Qualified Institutional Placement mechanism (QIP) and/or any other alternate route for the possibility of acquiring a fleet of operational Platform Supply Vessels (PSV) already on contract or other OSVs' available in the market.

2. Raising the Foreign Investment holding in the Company upto 60% of the paid-up Share Capital of the Company.

Source : Equity Bulls

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