Bharati Shipyard hikes stake in Great Offshore to 21 pc

MUMBAI: Bharati Shipyard has increased its stake to over 21 per cent in the country's largest integrated offshores ervice provider, Great Offshore, following acquisition of shares worth Rs 42.26 crore through an open market purchase.

Bharati Shipyard, through its wholly-owned division Dhanashree Properties, has acquired 7.56 lakh shares or 2.04 per cent stake in Great Offshore at an average price of Rs 558.80 a piece, totalling to Rs 42.26 crore, according to a bulk deal data on the Bombay Stock Exchange.

Pursuant to the stake buy, Bharati Shipyard now holds 21 per cent in the offshore drilling firm.

The acquisition further sensitised the Great Offshore takeover saga as the open offer price might now get revised higher as the price of shares acquired today -- at Rs 558.58 per share -- exceeds Rs 405 open offer a piece announced earlier.

According to Indian takeover regulation if the shares in the target company are acquired at a price higher than the open offer price, then the offer price would stand revised to the higher price.

Earlier Bharati Shipyard had made an offer for buying 20 per cent stake at Rs 405 each, following which its rival ABG Shipyard hiked its stake in Great Offshore to 8.28 per cent and revised the offer price upward to Rs 520 a share.

In a separate bulk deal on the National Stock Exchange Videocon Industries has sold 2.23 lakh shares or 0.60 per cent in Great Offshore for Rs 556.66 a piece, aggregating to over Rs 12.44 crore.