The takeover battle for Great Offshore Ltd intensified further with Bharati Shipyard on Wednesday acquiring another 3 per cent stake, raising its holding in the company to 22.48 per cent.
Bharati, which is facing a counter bid from rival ABG Shipyard, said it acquired 7.56 lakh shares on the BSE and 3.60 lakh shares on the NSE (together representing a 3.01 per cent stake in Great Offshore) through bulk deals at an average price of Rs 558.81 a share. The purchase also includes 2.23 lakh shares held by Videocon Industries Ltd.
With the latest purchase, Bharati’s open offer price stands revised at Rs 560 a share, which is Rs 40 more than ABG’s last offer price of Rs 520.
ABG, which made an offer to acquire a 32 per cent stake, has so far acquired nine per cent.
Bharati’s move on Wednesday follows a string of offers and counters made for Great Offshore since June.
According to analysts, Bharati Shipyard’s strategy seems to be to acquire at least a 26 per cent stake in Great Offshore so that it could have a say in its management. Bharati has so far invested more than Rs 300 crore on the acquisition.
Great Offshore shares gained 4.45 per cent to close at Rs 565 and Bharati’s 0.94 per cent to close at Rs 208.65 on the BSE on Wednesday. The shares of ABG Shiyard also gained 1.03 per cent at Rs 265.15.
Bharati, which is facing a counter bid from rival ABG Shipyard, said it acquired 7.56 lakh shares on the BSE and 3.60 lakh shares on the NSE (together representing a 3.01 per cent stake in Great Offshore) through bulk deals at an average price of Rs 558.81 a share. The purchase also includes 2.23 lakh shares held by Videocon Industries Ltd.
With the latest purchase, Bharati’s open offer price stands revised at Rs 560 a share, which is Rs 40 more than ABG’s last offer price of Rs 520.
ABG, which made an offer to acquire a 32 per cent stake, has so far acquired nine per cent.
Bharati’s move on Wednesday follows a string of offers and counters made for Great Offshore since June.
According to analysts, Bharati Shipyard’s strategy seems to be to acquire at least a 26 per cent stake in Great Offshore so that it could have a say in its management. Bharati has so far invested more than Rs 300 crore on the acquisition.
Great Offshore shares gained 4.45 per cent to close at Rs 565 and Bharati’s 0.94 per cent to close at Rs 208.65 on the BSE on Wednesday. The shares of ABG Shiyard also gained 1.03 per cent at Rs 265.15.