ABG Shipyard has acquired another 2.12 lakh shares of Great Offshore through a bulk deal on the NSE at Rs 450 a share on Thursday, hiking its stake in the company to 7.8 per cent.
On Wednesday, the company had acquired 19.26 lakh shares, or 5.19 per cent stake in Great offshore, at an average price of Rs 450 apiece, aggregating Rs 87 crore. After the acquisition today, the company now holds around 7.8 per cent in Great Offshore.
This has automatically raised the open offer price to Rs 450 (according to the Securities and Exchange Board of India regulations for determining the open offer price).
Last month, Great Offshore found itself at the centre of a takeover battle after ABG Shipyard, through its fully-owned subsidiary, Eleventh Land Developers, made an open offer to acquire 32.12 per cent stake in the offshore services firm at Rs 375 a share, 9 per cent higher than Bharati Shipyard’s offer price of Rs 344 a share.
Currently, Bharati holds 19.47 per cent in Great Offshore. In July, Bharati Shipyard had increased its open offer price to Rs 405 a share.
Great Offshore shares rose 1.64 per cent to Rs 465.3 on the BSE. Bharati Shipyard’s shares closed higher by 1.15 per cent at Rs 153.8, while ABG’s rose by 1.92 per cent to Rs 207.15.
Source: The Hindu Businessline