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| Bharati Shipping, ABG sail ahead on open offer nod |
| BS Reporter / Mumbai Nov 19, 2009, 16:10 IST |
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Bharati Shipyard ended at Rs 165, higher by Rs 1 or 0.88%, on the BSE. The stock had opened at Rs 166 and touched an intra-day high of Rs 174 and a low of Rs 164. Total trading volumes of 218,525 shares were registered on the counter as against the two-week average of 99,782 shares.
ABG Shipyard ended at Rs 203, higher by Rs 1 or 0.6% on the BSE. The stock had opened at Rs 205, and touched a high of Rs 213 and a low of Rs 202. A total of 163,775 shares were traded on the counter as against the two-week average of 64,611 shares.
Great Offshore ended at Rs 535, higher by Rs 16 or 3% on the BSE. The stock had opened at Rs 530, which also happened to be the day's low, and a high of Rs 551. A total of 236,096 shares were traded on the counter as against the two-week average of 22,059 shares.
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(Updated at 1156 am)
Bharati Shipping and ABG Shipyard have firmed up on receiving the market regulator’s approval for their open offer bids to buy additional stakes in Great Offshore.
Bharati Shipping is trading at Rs 169, higher by Rs 5.5 or 3.3% and ABG Shipyard is at Rs 209, stronger by Rs 7.1 or 3.5%, on the BSE.
Great Offshore has seen gains of Rs 24 or 4.6% at Rs 543.
Bharati Shipyard had acquired a 14.89 per cent stake in Great Offshore in May at a price of Rs 315 per share from its vice-chairman and managing director, Vijay Sheth, following an invocation of shares which he had pledged. This left Sheth with less than 1 per cent stake in the company and he lost control. Following this, on June 4, Bharati made an open offer to acquire an additional 20 per cent stake in the company at Rs 344 a share.
On June 23, ABG Shipyard, a rival of Bharati, made a counter-offer to acquire 33.8 per cent in Great Offshore at Rs 375 a share. On the same day, Bharati acquired an additional 14.5 per cent in a bulk deal at Rs 403 a share and later increased its open offer price to Rs 405 a share.
ABG Shipyard further upped its stake by purchasing additional 6 per cent in three tranches from the open market and increased its open offer price to Rs 450 a share and finally to Rs 520 a share.
The open offer, sources said, should remain open for a period of 25 days, and can be revised till the last 10 days before the closure of the offer period.
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