Bharati Shipyard has informed that it has increased its stake holding in India's major integrated offshore service provider, Great Offshore to 22.5% by acquiring 3% shares in the company.

The sources informed that the company has purchased these shares at an average price of Rs558.80 per share. With this latest transaction, company's offer price for Great Offshore has gone up to Rs 560.

Apart from this, Bharati Shipyard has acquired 11.20 lakh shares, including 2.23 lakh shares from Videocon Industries, for nearly Rs 630 million.

The reports revealed that the new offer price of Bharati Shipyard is 8% higher than the Rs 520 per share offered by rival ABG Shipyard, which at present hold 8.28% in Great Offshore.

As per media report, Bharati Shipyard's position has beefed up as its shareholding has moved closer to the crucial 26% mark. Under the Indian laws, a shareholder with a 26% stake enjoys important veto powers.