India's second biggest private sector shipbuilder Bharati Shipyard has announced that the company has acquired 14.89% equity stake in Great Offshore for a consideration of Rs 174 crore.

The company has paid Rs 315 each for the 5.53 million shares.

The acquisition has been done through Bharti Shipyard's wholly-owned divisions, Natural Power Ventures and Dhanshree Properties.

Five months ago, Great Offshore's Founder and Managing Director Vijay Sheth pledged the shares with Bharati Shipyard to raise Rs 200 crore to clear off his dues with creditors.

Now, the shares have been transferred to Bharati, giving it voting rights.

Mr. P. C. Kapoor, managing director of Bharati Shipyard said, "We have decided to acquire the pledged shares and hold it as a strategic long term investment."

"The investment would generate long-term benefits for the company and add strength to the company`s position in the international market," Mr. Kapoor added.

Great Offshore is an integrated offshore oilfield services provider.

Presently, Bharati Shipyard has five shipyards that are situated at Dhabol, Ratnagiri, Ghodbunder (all in Maharashtra), Kolkata and Manglore.

Moreover, BSL has a strong book position of Rs 5,093.71 crore.

At 10:58 a. m., shares of Bharati Shipyard gained 16.5% at Rs 111 on the Bombay Stock Exchange (BSE). The total volume of shares traded at the BSE was 527,789. The share price has seen a 52-week high of Rs 533 and a low of Rs 44.55 on BSE. Current EPS and P/E of the stock stood at 47.19 & 2.35 respectively.

Yesterday, the share of the company closed at Rs 95.35 after gaining Rs 7.90 (9.03%).