Author: CP

Private sector shipbuilder Bharati Shipyard has made an upward revision in its open offer price to acquire 20% stake in the exploration services major, Great Offshore.

The company has hiked its open offer price to Rs 404 per share from earlier Rs 344 a share.

The move comes close on the heels of competitor shipbuilder ABG Shipyard making a counter bid to the company’s earlier announcement to acquire 20% stake of Great Offshore at Rs 344 per share.

ABG Shipyard has made an open offer to acquire up to 1,25,71,072 equity shares representing 32.12% of the diluted share capital of Great Offshore at Rs 375 per share through its wholly-owned subsidiary Eleventh Land Developers which will increase their stake in the company to 34.14%.

At present, Bharati Shipyard holds 14.89% stake in Great Offshore and its proposed open offer is scheduled to begin on July 25.

ABG Shipyard has made an open offer to acquire up to 1,25,71,072 equity shares representing 32.12% of the diluted share capital of Great Offshore at Rs 375 per share through its wholly-owned subsidiary Eleventh Land Developers.

At present, ABG Shipyard along with its subsidiary holds 7,89,502 equity shares of Great Offshore and if the current open offer is accepted its holding in the latter will go up to 34.14%.

The company’s move is a step towards realizing its vision to become integrated marine services entity which will provide services like ship building, ship repair as well as shipping operations services under an integrated platform of ABG Shipyard and Great Offshore.

This open offer will work as a counter bid to Bharati Shipyard’s earlier announcement to acquire 20% of the diluted share capital of Great Offshore at Rs 344 per share.