Bharati Shipyard surges over 10% on acquisition plans

The scrip of Bharati Shipyard today surged over ten per cent at Bombay Stock Exchange, boosted by the company's plan to acquire a majority stake in south India-based Tebma Shipyards for Rs 75.75 crore.

Defying the overall weakness in the market, the stock of the private ship-builder zoomed by 10.56 per cent to touch an early high of Rs 249.70 on the BSE, driven by the company plans of acquiring 51 per cent stake in Tebma.

Bharati Shipyard is infusing fresh equity capital into Tebma at a price of Rs 19.20 a share and proposes to expand the post-issue equity capital base of Tebma to Rs 77.36 crore.

Similarly, the scrip witnessed an upsurge of 7.36 per cent at the National Stock Exchange where it was quoting at Rs 245.80.

In terms of volume, over 12 lakh shares of the company were traded on the two bourses.

Meanwhile, the BSE's 30-share barometer Sensex was trading at 19,786.79, down by 170.80 points from the yesterday's close.