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Corporate | Bharati Shipyard raises Great Offshore bid price

Corporate | Bharati Shipyard raises Great Offshore bid price
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First Published: Wed, Jul 08 2009. 01 04 AM IST
Updated: Wed, Jul 08 2009. 01 04 AM IST
Bangalore: Bharati Shipyard Ltd has raised the open offer price to Rs405 a share for buying an additional 20% stake in offshore services firm Great Offshore Ltd after its bigger rival ABG Shipyard Ltd made a counter offer last month.
Bharati Shipyard has a 19.47% stake in Great Offshore and had in early June made an offer for an additional 20% stake at Rs344 a share. A few days later, ABG Shipyard made a Rs375 a share counter offer for buying a 32.12% stake held by the public in Great Offshore.
The revised open offer price announced by Bharati Shipyard on Tuesday would entail an outgo of Rs316.98 crore, the company told the Mumbai stock exchange.
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First Published: Wed, Jul 08 2009. 01 04 AM IST