Great Offshore open offer closes

Great Offshore open offer closes

Mumbai: Shares of Great Offshore Ltd., India’s largest producer of rigs used in oil exploration, slipped 2.6% to 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 90 against ABG Shipyard Ltd’s offer of 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.

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