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Bharati Shipyard hikes offer price for Great Offshore

June 23, 2009

Private sector shipbuilder Bharati Shipyard has made an upward revision in its open offer price to acquire 20% stake in the exploration services major, Great Offshore.

The company has hiked its open offer price to Rs 404 per share from earlier Rs 344 a share.

The move comes close on the heels of competitor shipbuilder ABG Shipyard making a counter bid to the company’s earlier announcement to acquire 20% stake of Great Offshore at Rs 344 per share.

ABG Shipyard has made an open offer to acquire up to 1,25,71,072 equity shares representing 32.12% of the diluted share capital of Great Offshore at Rs 375 per share through its wholly-owned subsidiary Eleventh Land Developers which will increase their stake in the company to 34.14%.

At present, Bharati Shipyard holds 14.89% stake in Great Offshore and its proposed open offer is scheduled to begin on July 25.

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