ABG Shipyard has sweetened the open offer price to Rs 450 a share for offshore drilling firm Great Offshore, to counter a bid by rival Bharati Shipyard.
The offer price for the open offer stands revised to Rs 450 and shall be payable to all shareholders who tender their shares at anytime during the offer, ABG Shipyard said in a filing to the Bombay Stock Exchange(BSE) today.
ABG Shipyard along with Eleventh Land Developers Pvt Ltd yesterday acquired 19.26 lakh shares, or 5.19 per cent stake in Great offshore, at an average price of Rs 449.99 a piece, aggregating to Rs 87 crore.
While ABG Shipyard bought 4.69 lakh shares at Rs 449.97 a piece on BSE, it acquired 14.56 lakh shares for Rs 449.99 each through the bulk deal counter of NSE. The company holds a little over 7 per cent stake in Great Offshore.
ABG Shipyard last month made an offer for 32.12 per cent stake in Great Offshore at Rs 375 a share.
Earlier Bharati Shipyard, which holds 19 per cent stake in Great Offshore, had made an offer for buying 20 per cent stake at Rs 344 a share, which was revised to Rs 405 each.
Shares of ABG Shipyard were trading at Rs 209.50, up 3.08 per cent on BSE. Great Offshore was quoted up 1.47 per cent at Rs 464.55 in the late afternoon trade on BSE.
