Bharati Shipyard is planning to acquire 51% stake in Tebma Shipyard for a consideration of Rs 757.5 million.
Bharati Shipyard is infusing fresh equity capital into Tebma Shipyards, at a price of Rs 19.20 a share of face value of Rs 10 each, thereby proposing to expand the post-issue equity capital of Tebma to Rs 773.6 million.
The stock had outperformed the market over the past one month till Nov. 22, 2010, rising 5.20% compared with the Sensexs 1.03% decline. It outperformed the market in past one quarter, gaining 8.76% as against 8.45% rise in the Sensex.
Shares of Bharati Shipyard gained Rs 17.9, or 7.81%, to trade at Rs 246.95. The total volume of shares traded was 201,865 at the BSE (9.37 a.m., Tuesday).
Bharati Shipyard is infusing fresh equity capital into Tebma Shipyards, at a price of Rs 19.20 a share of face value of Rs 10 each, thereby proposing to expand the post-issue equity capital of Tebma to Rs 773.6 million.
The stock had outperformed the market over the past one month till Nov. 22, 2010, rising 5.20% compared with the Sensexs 1.03% decline. It outperformed the market in past one quarter, gaining 8.76% as against 8.45% rise in the Sensex.
Shares of Bharati Shipyard gained Rs 17.9, or 7.81%, to trade at Rs 246.95. The total volume of shares traded was 201,865 at the BSE (9.37 a.m., Tuesday).