Bharati Shipyard hikes open offer price for Great Offshore

Bharati Shipyard Ltd., which is locked in a bidding war with local rival ABG Shipyard Ltd. for acquiring Great Offshore Ltd., increased its open offer price for the target company. Bharati, which holds 19.47% of Great Offshore, lifted its offer to Rs405 per share from Rs344 a share. Natural Power Ventures Pvt. Ltd., along with Bharati Shipyard and Dhanshree Properties Pvt. Ltd. aim to acquire up to 78,26,788 fully paid-up equity shares of Rs10 each, representing 20% of the Emerging Voting Capital of the Target Company. Accordingly, the open offer size stands revised to Rs3.17bn.

On June 23, Kotak Mahindra Capital Co. on behalf of Eleventh Land Developers Pvt. Ltd. along with ABG Shipyard Ltd. proposed to acquire 1,25,71,072 shares of the Target Company at Rs375 per Share in cash.

On the same day, DPPL acquired 16,99,611 shares of the Target Company, constituting 4.58% of the paid-up share capital at a price of Rs403 per share through a block deal from Laadki Trading & Investment Ltd., Bharat Kanaiyalal Sheth, Ravi Kanaiyalal Sheth, Jyoti B Sheth and Amita Ravi Sheth. Consequent to this acquisition, the cumulative shareholding of Bharati Shipyard in the Target Company aggregates to 19.47% of the paid-up share capital.