Bharati Shipyard may acquire 51 pc stake in Tebma

MUMBAI: Bharati Shipyard, one of India's leading ship-building company today said it has proposed to acquire majority 51 per cent equity stake and management control in south-based Tebma Shipyards Ltd for a consideration of Rs 75.75 crore.

Earlier, Bharati Shipyard had successfully acquired Great Offshore for Rs 880 crore, after fierce takeover battle with ABG Shipyard Ltd.

Bharati Shipyard is infusing fresh equity capital into Tebma Shipyards, at a price of Rs 19.20 per share of face value of Rs 10 each, thereby proposing to expand the post- issue equity capital base of Tebma to Rs 77.36 crore, a company statement said here.

The current equity capital of Tebma Shipyards stands at Rs 7.78 crore.

"This significant acquisition of Tebma Shipyards, is of strategic importance to us, as we get access to their ready- made and modern shipyards at Malpe in Karnataka, Kochi in Kerala and Chengalpet in Tamil Nadu," Bharati Shipyard's Managing Director, P C Kapoor said.

The combined Bharati-Tebma entity, with a total of 9 shipyards will now be in a formidable position to offer cost- effective solution to their global and domestic customers, Kapoor said.