Integrated offshore oilfield services provider Great Offshore today said ABG Shipyard has acquired more than 15.23 per cent stake in the company for Rs 294.05 crore through open offer route.
ABG Shipyard acquired over 56.54 lakh equity shares, representing 15.23 per cent shareholding in Great Offshore at Rs 520 per share, the company said in a filing to the Bombay Stock Exchange.
ABG Shipyard had made the open offer for acquiring 1,25,71,072 fully paid up equity shares representing 32.12 per cent in Great Offshore at Rs 520 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 per cent stake at Rs 590 a share got good response.
Following 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 per cent).
Bharati Shipyard first made an open offer for a 20 per cent stake in Great Offshore at Rs 344 per share, but later raised the open offer price to Rs 590 a piece after ABG Shipyard joined the race to acquire majority control in Great Offshore.