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Our Bureau

Coimbatore, April 20 Garware Offshore Services Ltd has secured a contract for up to three years for its new anchor handling tug cum supply vessel (AHTS) being delivered in Singapore in June.

The annual revenue from this contract is expected to be in the region of Rs 17.5 crore. The company currently owns and operates six vessels and has five more vessels scheduled for delivery within the next 10 months.

In view of buoyant demand in the offshore services sector, the company continues to look for more assets to acquire in an attempt to develop/strengthen its fleet.

With reference to reports that HMT Ltd may sell its 25 to 30 acres land at Bangalore for around Rs 200-250 crore, the company has said the statement in the media regarding the proposal for sale of land measuring about 28 to 30 acres at Bangalore and action being taken in this regard are not factually correct.

The company has been examining various alternatives in respect of its surplus immovable properties at various locations for quite sometime now, as part of its revival strategies including its subsidiary companies, which may include disposal/joint development etc.

However, no such decision for sale of land at Bangalore through open tender has been taken.

Karnataka Bank Ltd has said that the RBI has communicated to the bank its (RBI’s) inability to accede to the bank’s proposal for allotment of 63,73,000 equity shares of Rs 10 each at a price of Rs 225 per share including the premium of Rs 215 per share on preferential basis to International Finance Corporation (IFC), Washington. Therefore, the bank is not allotting the shares to IFC on preferential basis.

State Bank of India (SBI) has informed that there will be no lock-in period in respect of shares to be allotted to employees in terms of SBI Employee Share Purchase Scheme - 2008 (SBI ESPS-2008).

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