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 for two related-party transactions with its parent HAL Offshore Limited. Resolution 1 seeks approval to buy the diving support vessel 'SEAMEC ANANT' from HAL for USD 70 million; the vessel was built in 2023 and is already on a 5-year charter with ONGC, earning the company USD 45,000 per day after acquisition. Resolution 2 seeks to double the annual monetary cap for charter hire, diving, and allied transactions with HAL from USD 30 million to USD 60 million per year, valid through the AGM of 2030. E-voting runs from June 11, 2025 to July 10, 2025, with results expected by July 14, 2025. Both items are ordinary resolutions and qualify as material related party transactions under SEBI LODR rules, meaning related parties cannot vote on them.
Shareholders are being asked to approve a sizeable USD 70 million vessel purchase and a doubling of related-party exposure to HAL Offshore. The vessel deal brings an immediate long-term revenue stream via the ONGC charter but adds material capex and reliance on the parent for ongoing business. Investors should review the arm's-length justification and the strategic rationale, as approval will significantly increase Seamec's scale and its dependency on HAL.