Bharati to go by Sebi norms on Great Offshore offer

Bharati Shipyard (BSL) today said it would abide by the guidelines issued by the market watchdog Securities and Exchange Board of India (Sebi) on the Great Offshore open offer.

"We have initiated steps on the open offer to Great Offshore shareholders as per Sebi's guidelines under Regulation 10 (Substantial Acquisition of Shares & Takeover Regulations, 1997)," Bharati Shipyard Secretary U A Patel said in a release here.

"We have not made any such statement in relation to contesting of Sebi order as reported by the media," he said.

Also Read: Bharati, ABG get Sebi nod for open offer

Bharati Shipyard and ABG Shipyard are locked in a battle to gain control of the country's largest integrated offshore services player, Great Offshore.

At present, Bharati holds a 23.17 per cent stake in Great Offshore while ABG Shipyard has around 8 per cent. Yesterday, the companies got Sebi approval to go ahead with their open offer for Great Offshore.

Bharati currently owns five shipyards located at Dabhol, Ratnagiri, Ghodbunder-Thane (all in Maharashtra), Kolkata and Mangalore.

The company has a strong order-book position of Rs 5,097 crore as on September 30, the release said.