Bharati Shipyard plans to acquire majority stake in Tebma

Bharati Shipyard plans to acquire majority stake in Tebma
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First Published: Tue, Nov 23 2010. 09 20 AM IST
Updated: Tue, Nov 23 2010. 09 20 AM IST
Mumbai: Private sector shipbuilder Bharati Shipyard plans to acquire majority stake in Tebma Shipyards for Rs75.75 crore, it said in a statement late on Monday.
Bharati is infusing fresh equity capital into Tebma Shipyards at a price of Rs19.20 per share and proposes to expand the post-issue equity capital base of Tebma to Rs77.36 crore, the statement said.
The current equity capital of Tebma stands at Rs7.78 crore.
“This significant acquisition of Tebma Shipyards, is of strategic importance to us, as we get access to their ready-made and modern shipyards in Karnataka, Kerala and Tamil Nadu,” PC Kapoor, managing director, said.
“The Bharati-Tebma entity , with a total of 9 shipyards, will now be in a formidable position to offer cost effective solutions to their global and domestic customers,” he added.
Tebma Shipyards has a current orderbook of approximately Rs750 crore, the statement added. In October, Bharati had said its orderbook was around Rs5000 crore.
At 9.31 am, shares of the firm were up 7.49% at Rs246.2 in a weak mumbai market.
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First Published: Tue, Nov 23 2010. 09 20 AM IST