Bharati Shipyard finally ended with a solid gain of nearly 13% at Rs 107 on the back of stake buy in Great Offshore. The counter wintessed heavy volumes of around 1.34 million shares as against its two-week daily traded volume of around 341,883 shares on the BSE.
Great Offshore too had a bright start for the day, and the stock zoomed over 10% to Rs 325. However, the stock tumbled into red in the second half of the day after reports suggested that Bharati Shipyard may not make an open offer for further hiking its stake in the company. The stock dropped to a low of Rs 279 - down over 14% from the day's high. The stock finally ended with a loss of 3% at Rs 287. The counter too saw heavy trades of around 561,347 shares as against its two-week daily traded volume of around 73,785 shares on the BSE.
Updated at 1005 hrs
Bharati Shipyard and Great Offshore have soared in opening trades following the acquisition deal.
Bharati opened up nearly 2% at Rs 97.1, and soon zoomed to a high of Rs 113 - up 18.5%. The stock is now trading at Rs 112 - up over 17%. The counter has clocked a healthy volume of around 179,400 shares so far on the BSE.
Great Offshore opned up nearly 5% at Rs 310, and soon surged to a high of Rs 325 - up 10%. The stock is now up 6.6% at Rs 315, and around 74,470 shares have changed hands at the counter so far on the BSE.
Bharati Shipyard yesterday said it had acquired a 14.89% stake in Great Offshore for a consideration of Rs 174 crore. The company paid Rs 315 each for the 5.53 million shares.
Last year, Great Offshore’s Founder and Managing Director Vijay Sheth had pledged the shares with Bharati Shipyard for a loan of around Rs 200 crore.
“We have decided to acquire the pledged shares and hold it as a strategic long-term investment,” Bharati Shipyard Managing Director P C Kapoor said in a statement.
Click here to read: Bharati Shipyard acquires 14.9% stake in Great Offshore
