Bharati buys 21% stake in Great Offshore via open offer

Bharati Shipyard has acquired more than 20% stake in the integrated offshore oilfield services provider Great Offshore for Rs 461.78 crore through open offer route.

Bharati Shipyard acquired 7.83 million equity shares, representing 21.02% shareholding in Great Offshore at Rs 590 per share. Bharati Shipyard was holding 14.86% stake in the company before starting of the open offer, the company said in a filing to the Bombay Stock Exchange.

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.

ABG Shipyard had acquired 15.23% or 5.65 million shares of Great Offshore via an open offer. ABG exited the race after rival Bharati Shipyard raised the open offer price to Rs 590 a share compared with ABG Shipyard's Rs 520 per share.

Meanwhile, Credit Suisse (Singapore) bought more than 5% stake in Bharati Shipyard during current month through open market purchase, taking its total holding in the company to 6.58% from 1.52% stake at the end of December 2009, according to shareholding pattern filed by the company.