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Sebi may okay's offer
September, 29th 2009

Bharati Shipyard is likely to get stock market regulator Sebi's nod for an open offer in about 10 days for its acquisition bid for offshore drilling company Great Offshore, which is also being targeted by ABG Shipyard.

"In the next 10 days the company (Bharati Shipyard) are expecting Sebi approval," a source close to the development said.

On Sep 16, Bharati Shipyard had acquired 3.01 per cent stake in Great Offshore through bulk transactions at the Bombay and the National Stock exchange with the higher share price at Rs 560. As a result, the open offer price was also revised to Rs 560 a share.

ABG Shipyard Chairman Rishi Agarwal could not be contacted for comments.

In June this year, Bharati had made an open offer for 20 per cent stake in Great Offshore for Rs 344 per share. This was countered by the rival ABG Shipyard with a price of Rs 375 per share. Subsequently in July, Bharati increased the offer price to Rs 405 per share, which was again met with a counter offer by ABG at Rs 450.

In August, ABG Shipyard, which holds 8.28 per cent stake in Great Offshore, again increased the offer price to Rs 520 per share.

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