Bharati revises offer price to Rs 590/ share
Private sector shipbuilder Bharati Shipyard on Tuesday revised its offer price to Rs 590 a share, as it attempts to acquire a 20% stake and take management control of integrated offshore services firm Great Offshore.
By ET Bureau |
MUMBAI: Private sector shipbuilder Bharati Shipyard on Tuesday revised its offer price to Rs 590 a share, as it attempts to acquire a 20% stake and take management control of integrated offshore services firm Great Offshore.
The offer, if successful, will increase Bharati’s shareholding in Great Offshore to 43% and will require an investment of Rs 462 crore, the company said in a late evening press release. SBI Capital Markets is managing the open offer, Bharati informed the stock exchanges. Bharati’s new offer is Rs 30 a share higher than its earlier bid.
A rival offer from ABG Shipyard which aims at buying 32.12% stake in Great Offshore is open during the same period. But that offer is at Rs 520 a share, lower than the Bharati offer. ABG Shipyard, as of now, holds nearly 8% in Great Offshore. Both offers will open on December 3 and will close on December 22
The offer, if successful, will increase Bharati’s shareholding in Great Offshore to 43% and will require an investment of Rs 462 crore, the company said in a late evening press release. SBI Capital Markets is managing the open offer, Bharati informed the stock exchanges. Bharati’s new offer is Rs 30 a share higher than its earlier bid.
A rival offer from ABG Shipyard which aims at buying 32.12% stake in Great Offshore is open during the same period. But that offer is at Rs 520 a share, lower than the Bharati offer. ABG Shipyard, as of now, holds nearly 8% in Great Offshore. Both offers will open on December 3 and will close on December 22
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