The investor and share holder of great offshore must be enjoying the battle which is going on between Bharti Shipyard and ABG Shipyard to have a stake in the company. This battle was started in May 2009 when Bharti shipyard accquired 14.89% stake in Great Offshore. Earlier this month, Bharti Shipyard again made an another offer to accquire additional 20% stake in Great Offshore at Rs 344 per share, while on other hand Surat based ABG Shipyard who is also planning to hold controlling stake in Great Offshore, offered a counter bid on 23 june to accquire 32.12% stake at Rs. 375 per share. ABG Shipyard is already holding 2.02% stake in Great Offshore purchased last year in open market. Seeing this present competition Bharti Shipyard again scheduled a board meeting to consider raising offer price in Mumbai based Great Offshore and about a better position to accquire a controlling stake in Great offshore. On their part, ABG Shipyard also made it clear that the firm is willing to evaluate raising the bid price for Great Offshore.
According to some confidential sources Bharti Shipyard has bought 4.5% more share in Great Offshore at a price level of Rs. 403 and now holding total stake of 19.1% in Great Offshore. Shares of Great Offshore gained 30.35% to close at Rs413.60 on Tuesday on the Bombay Stock Exchange (BSE) after ABG announced its counter open offer. The Sensex, the benchmark index of the BSE, closed almost flat at 14,324.01. Both ABG and Bharati are eyeing Great Offshore as an entry point into the offshore oilfield services market to become integrated players in the sector.
With the bidding war in progress, Great Offshore shares closed at Rs 413.60, up 7.92 per cent on the Bombay Stock Exchange on Tuesday. ABG Shipyard shares were up 1.79 per cent to close at Rs 213.15. Bharati Shipyard shares, however, fell 5 per cent to close at Rs 162.50.
According to some confidential sources Bharti Shipyard has bought 4.5% more share in Great Offshore at a price level of Rs. 403 and now holding total stake of 19.1% in Great Offshore. Shares of Great Offshore gained 30.35% to close at Rs413.60 on Tuesday on the Bombay Stock Exchange (BSE) after ABG announced its counter open offer. The Sensex, the benchmark index of the BSE, closed almost flat at 14,324.01. Both ABG and Bharati are eyeing Great Offshore as an entry point into the offshore oilfield services market to become integrated players in the sector.
With the bidding war in progress, Great Offshore shares closed at Rs 413.60, up 7.92 per cent on the Bombay Stock Exchange on Tuesday. ABG Shipyard shares were up 1.79 per cent to close at Rs 213.15. Bharati Shipyard shares, however, fell 5 per cent to close at Rs 162.50.
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