Garware Offshore Services has said that it plans to raise funds upto USD 25 million through Qualified Institutional Placement mechanism (QIP) and/or any other alternate route for the possibility of acquiring a fleet of operational Platform Supply Vessels (PSV) already on contract or other OSVs available in the market. The company shall be raising the foreign investment holding in the company upto 60% of the paid-up share capital of the company. The company has also entered into a memorandum of understanding with Havyard Leirvik, Norway for exclusive representation in the Indian market for supply of vessels and Havyard designs to Indian shipping companies and shipyards. The shares of the company were last trading higher by 4.98% to Rs 204.5 on the BSE. A total of 42,044 shares have changed hands at the bourses so far.
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