Bharati Shipyard raises stake in Great Offshore to 22.48%
Date: 17-09-2009The takeover battle for Great Offshore Ltd intensified further with Bharati Shipyard on Wednesday acquiring another 3 per cent stake, raising its holding in the company to 22.48 per cent. Bharati, which is facing a counter bid from rival ABG Shipyard, has acquired 7.56 lakh shares on the BSE and 3.60 lakh shares on the NSE (together representing a 3.01 per cent stake in Great Offshore) through bulk deals at an average price of Rs 558.81 a share. The purchase also includes 2.23 lakh shares held by Videocon Industries Ltd.
With the latest purchase, Bharati’s open offer price stands revised at Rs 560 a share, which is Rs 40 more than ABG’s last offer price of Rs 520. ABG, which made an offer to acquire a 32 per cent stake, has so far acquired nine per cent.
Bharati’s move on Wednesday follows a string of offers and counters made for Great Offshore since June. Bharati Shipyard’s strategy seems to be to acquire at least a 26 per cent stake in Great Offshore so that it could have a say in its management. Bharati has so far invested more than Rs 300 crore on the acquisition.crackcrack