Indian shipyards fight for control of Great Offshore

Bharati Shipyard acquired an additional five per cent stake in Great Offshore through open market transactions, raising its holding to 20 per cent in the latter, even as rival ABG Shipyard made a counter offer for more than 32 per cent stake in the offshore drilling firm. Bharati Shipyard's subsidiary Dhanshree Properties picked up 1,699,611 lakh shares in Great Offshore at a price of Rs 403 (US$8.30) each, aggregating to Rs 684.9 million, via various block deals at the Bombay Stock Exchange.
The 169,900 equity shares represent 4.58 per cent stake in offshore drilling firm Great Offshore.
In separate block deals on the BSE, Sheth Brothers have sold 169,900 shares at an average price of Rs 403 a piece, aggregating to Rs 684.9 million.
Last month, Bharati Shipyard has acquired 55,33,786 shares representing 14.89 per cent stake in Great Offshore at a price of Rs 315 per share, following an invocation of shares which the promoters of the offshore drilling firm had pledged with its subsidiaries.
Bharati Shipyard earlier this month made an open offer for acquiring a 20 per cent stake comprising 78,26,788 shares in Great Offshore at Rs 344 a share.
Countering the open offer of its rival, ABG Shipyard on Tuesday made an open offer for acquiring a 32.12 per cent stake in Great Offshore at Rs 375 a share, aggregating to over Rs 4.71 billion.