Bharati Shipyard hikes stake in Great Offshore to over 23%

MUMBAI: Private ship builder Bharati Shipyard has increased its stake in Great Offshore to a little over 23 per cent, after buying over two lakh shares of the company for about Rs 14.24 crore through open market transactions.

Bharati Shipyard, locked in a takeover battle with rival ABG Shipyard for control over Great Offshore, earlier this week, revised its open offer price to Rs 560 per share for a 20 per cent stake in the offshore services provider.

As per block deal data available with the Bombay Stock Exchange (BSE), Bharati Shipyard, through its subsidiary firm Dhanshree Properties, purchased 2,56,650 shares (representing 0.69 per cent stake) of Great Offshore at a price of Rs 555 per piece.

Following the deal, the shareholding of Bharati Shipyard in Great Offshore has risen to 23.17 per cent.

In separate block deals on the BSE, two individuals -- Rosaleen Mulji and Sangita Mulji -- sold 1,08,000 and 1,48,650 shares in Great Offshore, respectively. These shares were sold at a price of Rs 555 per piece.

ABG Shipyard has also made an open offer to buy over 32.12 per cent stake in Great Offshore at Rs 520 a share. it holds 8.28 per cent stake in Great Offshore.