Great Offshore pledges shrs with Bharati Shipyard unit

Offshore and oilfield services firm Great Offshore Ltd  has pledged about 1.7 million shares, or 4.59 percent of equity, with a unit of shipbuilder Bharati Shipyard, it said in a statement. The acquisition was made on Dec. 3, it informed the exchanges on the weekend. Great Offshore promoter Vijay Sheth had pledged his entire 15.5 percent stake to IL&FS and Motilal Oswal in June 2007, newspaper reports said. The creditors have now sought margin money following a plunge in the value of shares pledged by Sheth, The Economic Times reported on Saturday.
Shares in Great Offshore were down 1.2 percent at 228.40 rupees, while those of Bharati Shipyard were up 1.7 percent at 62 rupees each in a firm Mumbai market.