Garware Offshore Services Limited (formerly Global Offshore Services Limited) has secured listing approval from BSE Limited for 27,000 equity shares. The approval, received on August 11, 2026, covers shares issued to non-promoters on a preferential basis pursuant to the conversion of warrants. This issuance expands the company’s public shareholding base through the exercise of existing derivative instruments rather than a fresh capital raise.

The company disclosed the development in a letter dated August 12, 2026, addressed to the exchange. The filing was signed by A.C. Chandarana, Company Secretary & President - Legal & Admin. The communication cites Regulation 30 of the SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015, as the regulatory framework governing the disclosure.

Share Issuance Details

The approved shares carry a face value of ₹10 each and were issued at a premium of ₹82 per share. The distinctive numbers for these equity shares range from 30743444 to 30770443. The allotment was made exclusively to non-promoter investors.

BSE Limited issued the formal approval under letter number LOD/PREF/AA/FIP/630/2026-27. The scrip code for Garware Offshore Services Limited remains 501848. The company’s registered office is located at A/304, Naman Midtown, Senapati Bapat Road, Prabhadevi (West), Mumbai.

What the Numbers Show

The issuance reflects the conversion of warrants into equity, a mechanism that converts potential future claims into permanent capital without immediate cash inflow to the firm. By issuing these shares to non-promoters, the company likely aims to meet regulatory requirements regarding public float or broaden its shareholder base. The premium of ₹82 over the ₹10 face value indicates the market valuation assigned to the warrants at the time of their conversion terms were set, distinct from the current market price of the listed equity.

Garware Offshore Services Limited has secured a Letter of Award (LOA) to charter one of its vessels for a period of four years, extendable by an additional year. The contract carries an annual value of approximately INR 31.00 crores. This development marks a significant operational milestone for the company, ensuring long-term revenue visibility from its offshore fleet.

The LOA was issued pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company disclosed that the finalization of this agreement is subject to the execution of a formal Charter Party Agreement. The contract duration includes a mandatory four-year term along with a provision for a one-year extension at the company's discretion.

The award underscores the continued demand for the company's offshore support vessels. The annual contract value of INR 31.00 crores will contribute to the company's revenue stream over the stipulated period. The final agreement execution is awaited to formalize the charter arrangements.