ABG exits race for Great Offshore; offloads 8.28% stake
The battle for Great Offshore came to a screeching halt after contender ABG Shipyard exited the race. Reports suggested that ABG Shipyard has sold 8.28% stake in the company.
By ET Bureau |
MUMBAI: The battle for Great Offshore came to a screeching halt after contender ABG Shipyard exited the race. Reports suggested that ABG Shipyard has sold 8.28% stake in the company. The company said that it holds only 571 in Great Offshore as of now. (Watch)
Bharati Shipyard and rival ABG Shipyard Ltd were competing for a controlling stake in Great Offshore, with both companies revising bids several times over the past six months.
On Wednesday, Bharati Shipyard had raised the open offer price for a stake in the company to Rs 590 a share. However, ABG Shipyard backed out of the deal posted Bharati’s move. ABG had quoted an offer of Rs 520 per share.
At 1:35 pm, shares of ABG Shipyard were trading at Rs 216.40, higher by 14.68 per cent or Rs 27.70 on the NSE while Bharati Shipyard surged 12.06 per cent or Rs 19.40 to Rs 180.20. Meanwhile, shares of Great Offshore tumbled 5.45 per cent or Rs 29.75 to Rs 515.90.
Bharati Shipyard and rival ABG Shipyard Ltd were competing for a controlling stake in Great Offshore, with both companies revising bids several times over the past six months.
On Wednesday, Bharati Shipyard had raised the open offer price for a stake in the company to Rs 590 a share. However, ABG Shipyard backed out of the deal posted Bharati’s move. ABG had quoted an offer of Rs 520 per share.
At 1:35 pm, shares of ABG Shipyard were trading at Rs 216.40, higher by 14.68 per cent or Rs 27.70 on the NSE while Bharati Shipyard surged 12.06 per cent or Rs 19.40 to Rs 180.20. Meanwhile, shares of Great Offshore tumbled 5.45 per cent or Rs 29.75 to Rs 515.90.
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