Indiastar buys 10.06 pc stake in Garware through open offer

MUMBAI: Foreign private investor Indiastar (Mauritius) has acquired a 10.06 per cent stake in Garware Offshore Services for about Rs 56.28 crore, following its open offer for the company.

Indiastar proposed to buy a 20 per cent stake in the firm for about Rs 111.79 crore. After the offer, it acquired 23.98 lakh shares representing 10.06 per cent interest in Garware Offshore, the domestic firm said in a filing to the Bombay Stock Exchange.

Following the offer, Indiastar has a shareholding of 30.48 per cent in Garware Offshore, which offers support to drilling and oil exploration activities.

Shares of Garware Offshore closed at Rs 236.95, down 2.53 per cent, on the BSE.