The board of directors have approved the scheme of demerger of the offshore business consisting of drilling services, marine logistics, marine construction and port or terminal services, into a separate new company, Great Offshore Ltd, with effect from April 01, 2005, GE Shipping informed the Bombay Stock Exchange.
Under the demerger scheme, shareholders of the company will be issued, one fully paid share of Rs 10 each in Great Offshore Ltd for every five shares of the company held, consequent to which and simultaneously, the shares held in the company will stand re-organised to four shares of Rs 10 each for every five shares currently held, it said.
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The demerger share entitlement ratio approved by the board is on the basis of the recommendations of two leading firms of Chartered Accountants and independent valuers, namely, Deloitte Haskins & Sells and Kalyaniwalla & Mistry.
Since all shareholders will be issued shares in Great Offshore Ltd on a proportionate basis, there will be no change in the overall shareholding pattern on the date demerger becomes effective, it added.
Post the demerger, shares of Great Offshore Ltd will be listed on the Bombay Stock Exchange and the National Stock Exchange.
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