|
| ABG hopes to complete open offer process by Sept 20 |
| Press Trust of India / Mumbai Aug 26, 2009, 16:06 IST |
|
ABG Shipyard, which is in the race with Bharti Shipyard to acquire 32 per cent stake in Great Offshore, hopes to complete the process of open offer by September 20.
"There is no clarity as yet from Sebi. But, we expect that the clearance from Sebi and completion of the whole process by September 20," ABG Group Chief Financial Officer D Datar said here.
Bharti Shipyard had recently increased its stake in Great Offshore to 19 per cent from 14 per cent earlier at Rs 405 a share, while ABG Shipyard upped its stake to 8.5 per cent and now the offer price is at Rs 520 a share.
According to the Sebi regulations, the latest price at which bidders buy fresh shares from the open market, becomes the offer price for the respective bidders.
It is not yet clear whether Bharti would increase its offer price to match ABG's offer. But, both the bidders can imrpove upon their offer prices further upto one week before the closure of the open offer.
There are around 1,25,71,072 shares of Great Offshore, and are up for grabs at Rs 520 a share, ABG Shipyard would have to dole out close to Rs 625 crore to acquire the stake.
ABG Shipyard does not have presence in the offshore business and the acquisition would help it to have a ready-made presence in the sector.
Great Offshore has 40 vessels and two rigs used for exploration and production in the oil and gas sector, where 60 per cent market is still untapped in India.
"The acquisition would be a forward integration for us," Datar said, adding that Great Offshore has a "very good" management team as well.
|
|
|
|
|
|
|
|
|
|
 Read Business news in |  |
|
|
|
|
|
|
Advertisements |
|
|
|
|
|
|
|
|
|
|
Content Guide
