Dalal Street Investments

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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