M/s HAL Offshore Limited, the Flagship arm of MMG Group has acquired 51% of Technip subsidiary in India M/s SEAMEC Limited for Rs 167 crore and shall further acquire another 24% by the open offer route @ 97/- share.
The deal comes at a time when Seamec is poised for a good year after years of struggle due to improved utilisation of assets with improvement in charter rates.The Book Value for Semac is 138/- per share and the deal has been struck at PV/BV of .71.
The acquisition shall enhance HAL competency in its core business of vessel operations and shall lead to consolidation in the sector.