Bharti Shipyard acquires 15% stake in Great Offshore

MUMBAI: Bharati Shipyard has acquired a shade below 15% stake in Great Offshore as a precursor to take over of the Vijay Sheth-controlled integrated oil field service provider.

The ownership of 14.9% stake of Great Offshore, which Vijay Sheth pleged with Bharati to raise money required to clear off his dues with creditors five months ago, has been transferred to Bharati���s favour. In means, Bharati will now own voting rights of the stake.

Bharati Shipyard managing director P C Kapoor confirmed the development to ET. He said Bharati acquired the shares on Thursday at Rs 315 a share, or a total of Rs 173 crore. However, the price barely means the holding cost attached to it from December 5, when the shares were pledged. It does not mean any monetary transaction between the parties now, said a person close to the development.