BSL's subsidiary revises offer price for Great Offshore shares

MUMBAI: Bharati Shipyard Ltd on Tuesday said that its subsidiary Natural Power Ventures Pvt Ltd has revised its open offer price to Rs 405 each for acquiring a stake in Great Offshore Ltd.

Accordingly, the offer size stands revised to Rs 316.98 crore, Bharati Shipyard said in a filling to the Bombay Stock Exchange.

The acquirer may make upward revisions in its offer in respect of the price and the number of shares to be acquired, at any time up to seven working days prior to the date of the closure of the offer, it said.

Initially, SBI Capital Markets Ltd (manager to the open offer) on behalf of acquirer Natural Power Ventures Pvt Ltd (NPVPL) along with Bharati Shipyard and Dhanshree Properties Pvt Ltd (DPPL) had offered to acquire up to over 78.26 lakh fully paid-up equity shares of Great Offshore, representing 20 per cent stake, at a price of Rs 344 per share, it said.

On June 23, Bharati Shipyard through its subsidiary DPPL had acquired five per cent stake in Great Offshore through open market transactions, raising its holding to 20 per cent in the latter, even as rival ABG Shipyard made a counter offer for more than 32 per cent stake in the offshore drilling firm.

DPPL had picked up 16,99,611 lakh shares in Great Offshore at a price of Rs 403 each, aggregating to Rs 68.49 crore, via various block deals at the Bombay Stock Exchange.

Shares of Bharati Shipyard and Great Offshore closed at Rs 156.85 and Rs 433.80, respectively on the BSE today.