Bharati revises open offer price for Great Offshore

Bharati Shipyard has increased the open offer price for Great Offshore by 5.4 per cent to Rs 590 a share from Rs 560 earlier. The open offer for a 20 per cent stake in the offshore drilling company will remain open from December 3 to December 22. Bharati’s offer is to acquire over 7.8 million shares.
 
Bharati, which holds a 22.48 per cent stake, is locked in a battle with ABG Shipyard to gain control of the country’s largest integrated offshore services player. Last week, ABG came with its open offer for a 32.12 per cent stake at Rs 520 a share which will also begin on December 3.
 
Both ABG and Bharati have received Sebi’s approvals to make an open offer for a stake in Great Offshore. ABG Shipyard received an approval to acquire management control. But Bharati can only increase its stake, not gain control.