The board of Bharati Shipyard, which already holds a 15 per cent stake in the drilling firm, has approved the acquisition of an additional 20 per cent stake in Great Offshore.
"The purpose of the open offer is to consolidate our investment in Great Offshore. This acquisition will provide enhanced stability to the existing management in Great Offshore and maximise shareholder value for both companies," Bharati Shipyard Managing Director P C Kapoor said.
The acquisition would be made through Bharati's wholly-owned subsidiary Natural Power Ventures, it said in a filing to the stock exchanges.
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.
In a separate announcement on the stock exchanges, Great Offshore said its Vice Chairman-cum-Managing Director Vijay Kantilal Sheth has resigned from the board with effect from May 30.
The company has appointed Vinesh Davda as a Director on its board and Soli C Engineer as the Chief Operating Officer and Manager.
Following the announcement, shares of Bharati Shipyard hit its upper circuit at Rs 167.10 on the BSE, while Great Offshore was up 5.23 per cent at Rs 383 in early trade.
