Ship building major Bharati Shipyard today said it plans to acquire 51 per cent stake in South-based Tebma Shipyard for Rs 75.75 crore.
Bharati is infusing fresh equity into Tebma Shipyards at a price of Rs 19.20 per share, thereby expanding the post issue equity capital base of Tebma to Rs 77.36 crore from Rs 7.78 crore.
"The acquisition is of strategic importance to us as we get access to their ready-made and modern shipyards at Malpe in Karnataka, Kochi in Kerala and Chengalpet in Tamil Nadu. The combined Bharati-Tebma entity, with a total of 9 shipyards will now be formidable position to offer cost-effective solution to their global and domestic customers,'' PC Kapoor, managing director, Bharati Shipyard, said.
At present, ICICI Venture holds 53 per cent, promoters own 4.93 per cent and public holds 42 per cent.