Dolphin Offshore to transfer / sell assets to its subsidiary

Dolphin Offshore Enterprises India Ltd has announced that the Company is in the process of seeking the approval of the Shareholders under Section 293 (1) (a) through Postal Ballot for transferring / selling its 3 vessels viz. Ganga Dolphin at a cost not less than US $ 1.2 million, Krishna Dolphin and Godavari Dolphin at a price not less than US $ 3.75 million being the cost incurred by the Company for the acquisition of both the vessels including dry docking charges and operating expenses incurred, on the vessels till the date of transfer to its wholly owned subsidiary "Procyon Offshore Services Pvt Ltd", on such terms and conditions at such time or times and in such form or manner as the Board may think fit and proper for the purpose of re-organisation of the Company’s activities and to avail the benefits of economies of scale and minimisation of overhead costs.

Source : Equity Bulls

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