ABG Shipyard makes counter bid for Great Offshore

ABG Shipyard makes counter bid for Great OffshoreIndia's biggest non-state shipbuilder, ABG Shipyard, expedites its efforts to acquire 32.12 per cent stake in Great Offshore, counter bidding the offer made by its rival Bharati Shipyard, which already holds 15 per cent stake in the firm.

ABG, after the meeting of its board on Tuesday, offered Rs 375 a share as compared to Rs 344 per share offered by its rival, Bharati Shipyard.

ABG Shipyard along with Eleventh Land Developers wants to purchase 1,25,71,072 shares in the company amounting for over Rs 471.41 crore as per information filed before the Bombay Stock Exchange.

The offer for which Kotak Mahindra Capital is acting as manager, will start from August 13 and close on September 1. P C Kapoor, Managing Director of Bharati Shipyard had said earlier that a number of companies including Punj Lloyd and ABG Shipyard were willing to acquire stakes in the firm in which institutional and public holding contributes around 84 per cent.

The stocks of ABG Shipyard surged 4.11 per cent and closed at Rs 218 while shares of Great Offshore traded at Rs 418.40, reporting an increase of 9.17 per cent on the BSE on Tuesday.