FIs lap up Bharati Shipyard on open offer hopes
Institutional investors have turned active in Bharati Shipyard shares amid speculation that the company may eventually go for a second open offer, after hiking its stake to nearly 46% in oil and gas drilling services firm Great Offshore through th...
By ET Bureau |
Institutional investors have turned active in Bharati Shipyard shares amid speculation that the company may eventually go for a second open offer, after hiking its stake to nearly 46% in oil and gas drilling services firm Great Offshore through the recently-completed open offer and subsequent secondary market acquisitions.
Leading foreign broking house Credit Suisse ( Singapore) bought 7.6 lakh shares, or 2.8%, recently to raise its stake to 6.6% of Bharati Shipyard’s equity. The stock has been on a roll in recent times and has more than doubled in the past two months. On Wednesday, it closed 1% up at Rs 333, with a total of 10.8 lakh shares changing hands on BSE.
Dealers tracking the stock say if Bharati Shipyard increases its stake further to 51% or beyond through the creeping acquisition route, it would be mandatory for the company to make another open offer under Sebi guidelines. However, this could not be confirmed from company officials.
Contributed by Apurv Gupta, Vijay Gurav & Shailesh Menon
Leading foreign broking house Credit Suisse ( Singapore) bought 7.6 lakh shares, or 2.8%, recently to raise its stake to 6.6% of Bharati Shipyard’s equity. The stock has been on a roll in recent times and has more than doubled in the past two months. On Wednesday, it closed 1% up at Rs 333, with a total of 10.8 lakh shares changing hands on BSE.
Dealers tracking the stock say if Bharati Shipyard increases its stake further to 51% or beyond through the creeping acquisition route, it would be mandatory for the company to make another open offer under Sebi guidelines. However, this could not be confirmed from company officials.
Contributed by Apurv Gupta, Vijay Gurav & Shailesh Menon
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