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Mumbai, July 7 Bharati Shipyard, which acquired 19.47 per cent stake in Great Offshore last month, has increased its open offer price to Rs 405 a share.

On June 23, Great Offshore found itself at the centre of a takeover battle, after ABG Shipyard through its fully owned subsidiary Eleventh Land Developers made an open offer to acquire 32.12 per cent stake in offshore services firm at Rs 375 a share, 9 per cent higher than Bharati’s offer price of Rs 344 a share.

ABG Shipyard currently holds 2.02 per cent stake in Great Offshore. Bharati which acquired a 4.58 per cent stake in the company through a block deal at Rs 403 a share, which automatically raised its open offer price.

Great Offshore shares fell 0.55 per cent to Rs 433.80 on the BSE. Bharati Shipyard’s shares dropped by 2.73 per cent to Rs 156.85, while ABG’s fell by 3.31 per cent to Rs 176.55. When asked about ABG Shipyard’s future course of action, Mr Dhananjay Datar, Chief Financial Officer, told Business Line, “We will take our own time to devise our strategy”.

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

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