ABG Shipyard acquires 15% in Great Offshore via open offer

ABG Shipyard acquires 15% in Great Offshore via open offer
PTI
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First Published: Fri, Jan 15 2010. 05 19 PM IST
Updated: Fri, Jan 15 2010. 05 19 PM IST
Mumbai: Integrated offshore oilfield services provider Great Offshore on Friday said ABG Shipyard has acquired more than 15.23% stake in the company for Rs294.05 crore through open offer route.
ABG Shipyard acquired over 56.54 lakh equity shares, representing 15.23% shareholding in Great Offshore at Rs520 per share, the company said in a filing to the Bombay Stock Exchange (BSE).
ABG Shipyard had made the open offer for acquiring 1,25,71,072 fully paid up equity shares representing 32.12% in Great Offshore at Rs520 per share.
Bharati Shipyard and ABG Shipyard were in a neck and neck takeover battle for Great offshore — a company created through de-merger of the offshore business of Great Eastern Shipping.
Meanwhile, Bharati Shipyard’s open offer for 22.48% stake at Rs590 a share got good response. Pursuant to the open offer, Bharati Shipyard is believed to have become the single largest shareholder of Great Offshore as it received 1,02,62,769 shares representing (27.56%).
Bharati Shipyard first made an open offer for a 20% stake in Great Offshore at Rs344 per share, but later raised the open offer price to Rs590 a piece after ABG Shipyard joined the race to acquire majority control in Great Offshore.
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First Published: Fri, Jan 15 2010. 05 19 PM IST