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Our Bureau

Mumbai, May 31 Bharati Shipyard Ltd, which had acquired 14.89 per cent stake in Great Offshore Ltd earlier this month, has decided to make an open offer for another 20 per cent equity stake in the offshore service company.

The company board took the decision at a meeting on Saturday, said Mr P.C. Kapoor, Managing Director, Bharati Shipyard.

The offer is made through Bharati’s wholly owned subsidiary Natural Power Ventures Private Ltd.

The shares will be acquired at a price determined according to SEBI guidelines, he said. Great Offshore shares closed 2.19 per cent higher at Rs 363.95 on the BSE on Friday. Shares of Bharati Shipyard closed at Rs 151.95.

On May 6, the company had acquired 55.33 lakh shares representing 14.89 per cent stake, at a price of Rs 315 per share.

After the open offer, the company’s stake in the offshore service firm will go up to about 35 per cent.

“We have decided to consolidate our investment in Great Offshore, considering the potential of offshore services business. This acquisition would provide enhanced stability to the existing management in Great Offshore,” he said. According to reports, promoter Mr Vijay Sheth had borrowed Rs 200 crore from Bharati Shipyard by pledging his shares in the company. Subsequently, he was forced to sell his stake. The management of the company will now be with Bharati Shipyard.

More Stories on : Shipping/Ports | Open Offers | Mergers & Acquisitions

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