INDIA’S second-largest private shipmaker Bharati Shipyard has strengthened its hold over Great Offshore by buying shares from the open market. The company raised its stake by 0.69% to take its shareholding in Great Offshore to 23.17%. With this, Bharati, promoted by PC Kapoor and Vijay Kumar, has moved a step closer towards the magic figure of 26%, which would give the company a say in the management of Great Offshore. According to information shared with the Bombay Stock Exchange, Bharati bought the stock at Rs 555 a share through its subsidiary Dhanshree Properties. The transactions, in which around 2.5 lakh shares of Great Offshore exchanged hands, were executed on Thursday. In separate deals on BSE, investor Rosaleen Mulji sold 1,08,000 shares, while Sangita Mulji sold 1,48,650 shares. While these deals were struck at Rs 555 per share, the previous deals were done by Bharati at Rs 560 per share. The Bharati Shipyard scrip closed at Rs 190.60 on Friday, down 1.65% over the previous close. Great Offshore is in the midst of a takeover battle between rival shipmakers Bharati and ABG Shipyard, promoted by Rishi Agarwal. ABG has a little over 8% in Great Offshore and is also eyeing management control of the company, formed in 2005 after the demerger of the offshore oilfield services business of Great Eastern Shipping Company. Earlier this week, Bharati said: “In order to protect and safeguard its interests, the acquirer together with persons acting in concert (Bharati Shipyard) has now decided to also acquire management control of the target company (Great Offshore).” Till now, this has been the most definitive statement made by Bharati about its intentions regarding Great Offshore. Bharati has to make an open offer to acquire another 20% in the company, having crossed the 15% threshold that triggers mandatory offer. ABG has also applied for an open offer to acquire 32% in Great Offshore. Both the proposals are pending with Sebi. ABG’s last offer for Great Offshore was at Rs 520 per share, valuing the company at Rs 2,000 crore. The ABG scrip was down 3.25% to Rs 212.95 on BSE on Friday.
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