Bharati Shipyard Ltd, the foremost privately operated shipyard in terms of building facilities in India, has decided to make an open offer for acquisition of another 20% equity stake in Great offshore.

The company informed that the shares will be acquired at a price determined according to SEBI guidelines. The decision has taken by board of directors at a meeting on Saturday.

After open offer, the company’s stake in the offshore service firm will jump to about 35%. The offer will be made through Bharati’s wholly owned subsidiary Natural Power Ventures Private Ltd.

The company believes that latest acquisition would provide enhanced stability to the existing management in Great Offshore.

Last month, the company has acquired 55.33 lakh shares in Great Offshore Ltd, representing 14.89 per cent stake, at a price of Rs 315 per share.

Great Offshore shares closed 2.19 per cent higher at Rs 363.95 on the BSE on Friday. Shares of Bharati Shipyard closed at Rs 151.95.