Mumbai: Shares of Great Offshore Ltd., India’s largest producer of rigs used in oil exploration, slipped 2.6% to Rs 468.95 on the Bombay Stock Exchange or BSE on Tuesday even as the open offers for Great Offshore shares closed.
On 2 December, a day before the offer opened, Bharati Shipyard Ltd raised its offer price to Rs590 against ABG Shipyard Ltd’s offer of Rs 520. ABG Shipyard in fact sold its 8.27% stake before the offer opened for public.
While shares of both Bharati and ABG have been rising the Great Offshore shares have been continuously falling. Bharati Shipyard currently holds a 23.17% stake in Great Offshore. It has made an open offer for another 20% stake.