Garware Offshore to raise $25mln

New Delhi, July 6 (UNI) Shipping Company Garware Offshore services today announced setting up of a committee of director for raising its finance up to 25 million dollar through issue of foreign currency convertible bonds or global depositary receipts.

This can be done in one or more trenches at such time or times, at such price or prices and to such persons including institutions or incorporated bodies or individuals, a company statement said.

Moreover, company has also approved for technical management of its non-owned assets.

Garware offshore is a public company with over 30,000 shareholders.

It presently owns and operates for anchor handling tugs cum supply vessel, which are identical sister ships built in Maroil shipyard, Singapore in 1983-84 and one platform supply vessel built in Norway in 2000.

UNI DKS RA RK2100