Bharati Shipyard acquires pledged stake in Great Offshore

Bharati Shipyard announced the acquisition of the pledged shares equivalent to 14.89% equity stake in Great Offshore Ltd. at a price of Rs315 per share. Natural Power Ventures Pvt. Ltd. and Dhanshree Properties Pvt. Ltd. - the two wholly owned subsidiaries of Bharati Shipyard will hold the 14.89% stake in Great Offshore. Earlier, the promoters of Great Offshore had pledged 14.89% stake with Advitiya Urja Pvt. Ltd. and Vishudh Urja Pvt. Ltd., two 100% subsidiaries of Bharati Shipyard. Shares of Bharti Shipyard rallied by over 11% to Rs106 after hitting an intra-day high of Rs113 and a low of Rs100. "We have decided to acquire the pledged shares and hold it as a strategic long term investment. We consider the investment in Great Offshore as a significant step towards the company’s aspiration to have foothold in all spheres of the offshore industry. The investment would generate long term benefits for the company and add strength to the company’s position in the international market," said P.C. Kapoor, Managing Director, Bharati Shipyard.