SBI Capital Markets Ltd ("Manager to the Offer") on behalf of Natural Power Ventures Pvt Ltd ("NPVPL"/"Acquirer") along with Bharati Shipyard Ltd ("BSL") & Dhanshree Properties Pvt Ltd ("DPPL") ("Persons Acting in Concert" or "PACs"), has issued this Supplement to the Public Announcement to the Equity Shareholders of Great Offshore Ltd ("Target Company"), which is in continuation of & should be read in conjunction with the Public Announcement ("PA") dated June 02, 2009 (Published as on June 03, 2009), in compliance with Regulation 10 & other applicable provisions of the Securities & Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 1997 & Subsequent amendments thereto ("SEBI (SAST) Regulations") to acquire up to 78,26,788 fully paid-up equity shares of face value Rs 10/- each ("Shares"), representing 20% of the Emerging Voting Capital of the Target Company ("Offer") at a price of Rs 344/- per Share.
The shareholders of the Target Company are requested to kindly note the following subsequent developments with respect to the Offer:
(a) In terms of regulation 25(1) of SEBI (SAST) Regulations, a PA making a competitive bid ("Competitive Offer") was made on June 23, 2009 by Kotak Mahindra Capital Company Limited ("Manager to the Competitive Offer") on behalf of Eleventh Land Developers Private Limited ("Acquirer in Competitive Offer") along with ABG Shipyard Limited ("Person Acting in Concert or PAC in Competitive Offer") proposing to acquire 1,25,71,072 Shares of the Target Company at Rs 375/- per Share in cash.
(b) On June 23, 2009, DPPL acquired 16,99,611 Shares of Target Company, constituting 4.58 % of the paid-up share capital of Target Company, at a price of Rs 403/- per Share through a block deal from Laadki Trading & Investment Limited, Bharat Kanaiyalal Sheth, Ravi Kanaiyalal Sheth, Jyoti B Sheth & Amita Ravi Sheth ("Acquisition") in pursuance of regulation 20(7) of SEBI (SAST) Regulations. Consequent to this Acquisition, the cumulative Shareholding of Acquirer alongwith PACs in the Target Company aggregates to 19.47% of the paid-up share capital of Target Company.
(c) In terms of regulation 26 of SEBI (SAST) Regulations, by this Supplement to the PA, NPVPL makes a revision in its Offer Price per Share to Rs 405 (Rupees Four Hundred and Five only) payable in cash for all the valid acceptances in the Offer. Accordingly, the Offer Size stands revised to Rs 316,98,49,140/- (Rupees Three Hundred Sixteen Crores, Ninety Eight Lakhs, Forty Nine Thousand, One Hundred and Forty Only).
The shareholders of the Target Company may note that, in terms of SEBI (SAST) Regulations, the Acquirer may make upward revisions in his Offer in respect of the price and the number of Shares to be acquired, at any time upto seven working days prior to the date of the closure of the Offer.
The terms not defined herein will have the same meaning as defined in the PA. All other terms and conditions of the Offer shall remain unchanged.
Source: Bseindia.com