Shares of Great Offshore were in demand amid reports that Bharati Shipyard has revised its offer for the company to Rs 404 per share as a counterbid to ABG Shipyard.
ABG Shipyard said on Tuesday it has made an open offer to buy stake in Great Offshore at Rs 375 rupees a share, countering a previous offer by Bharati Shipyard. ABG Shipyard and its unit Eleventh Land Developers Pvt Ltd have made an open offer to acquire 12.57 million shares, or 32.12 per cent of Great Offshore's diluted share capital. They already own 2.02 percent stake in the company.
Earlier this month, rival shipbuilder Bharati Shipyard had made an open offer for 20 percent of Great Offshore at Rs 344 a share, after it acquired just under 15 per cent stake in May.
At 10:45 am, shares of Great Offshore surged 10.44 per cent to Rs 423.25 following the development.
ABG Shipyard said on Tuesday it has made an open offer to buy stake in Great Offshore at Rs 375 rupees a share, countering a previous offer by Bharati Shipyard. ABG Shipyard and its unit Eleventh Land Developers Pvt Ltd have made an open offer to acquire 12.57 million shares, or 32.12 per cent of Great Offshore's diluted share capital. They already own 2.02 percent stake in the company.
Earlier this month, rival shipbuilder Bharati Shipyard had made an open offer for 20 percent of Great Offshore at Rs 344 a share, after it acquired just under 15 per cent stake in May.
At 10:45 am, shares of Great Offshore surged 10.44 per cent to Rs 423.25 following the development.