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| Bharati Shipyard open offer for Great Offshore at Rs 344/share |
| Press Trust of India / Mumbai Jun 03, 2009, 20:14 IST |
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Private sector shipping firm Bharati Shipyard today said it has priced its open offer for a 20 per cent stake in logistics firm Great Offshore at Rs 344 a share.
The open offer would begin on July 25 and close on August 13, 2009, Bharati Shipyard said in a public announcement today.
Under the offer, Bharati Shipyard would acquire 78,26,788 shares or 20 per cent stake from public shareholders of Great Offshore at Rs 344 a piece, aggregating to over Rs 269.24 crore.
The price of Rs 344 a piece is at a discount of 5.33 per cent over Tuesday's closing share price of Great Offshore.
The board of Bharati Shipyard, which already holds a 15 per cent stake in the drilling firm, has earlier this week approved the acquisition of an additional 20 per cent stake in Great Offshore.
The acquisition would be made through Bharati's wholly-owned subsidiary Natural Power Ventures. SBI Capital Markets is acting as a manager to the offer.
Last month, Bharati Shipyard acquired 55,33,786 shares representing 14.89 per cent stake in Great Offshore at a price of Rs 315 per share, following an invocation of shares which the promoters of the offshore drilling firm had pledged with its subsidiaries.
Shares of Bharati closed at Rs 181.85, up 4.69 per cent, while Great Offshore was up 5.77 per cent at Rs 384.30.
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