Seamec Limited has informed the Exchange regarding Notice of Postal Ballot
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Seamec Limited has issued a postal ballot notice seeking shareholder approval to raise the annual monetary cap for related party transactions with its holding company, HAL Offshore Limited, from USD 30 million to USD 50 million (or equivalent in INR). The transactions cover charter hire of vessels, diving, and allied services, and the new cap will remain valid until the AGM to be held in 2030. This qualifies as a material related party transaction, valued at approximately 67.47% of Seamec's annual consolidated turnover. The move follows the company's recent fleet expansion through the purchase of vessel SEAMEC Agastya and the ongoing acquisition of SEAMEC Anant. E-voting will run from October 1, 2025 to October 30, 2025, with results to be announced by November 3, 2025.
Minority shareholders should note that this is a related party transaction with the promoter group (HAL holds 70.77%), so their vote matters as the resolution requires ordinary majority approval. A higher transaction cap could mean more business concentration with the parent, but it also signals expected growth in vessel deployment and revenue potential.