Mumbai: In a piquant situation, ABG Shipyard,
which is locked in a takeover battle for Great Offshore with
Bharati Shipyard, today sold 8.27 per cent stake in the
offshore drilling firm, but said that its open offer for
additional stake will start from tomorrow.
"ABG Shipyard Ltd and Eleventh Land Developers Pvt Ltd, a
wholly owned subsidiary of ABG, have today announced the sale
of 30,78,000 shares (approximately 8.72 per cent of current
paid up shareholding of Great Offshore) through a stock market
sale," ABG Shipyard informed the Bombay Stock Exchange.
Consequent to this transaction, the cumulative
shareholding of ABG Shipyard Ltd and Eleventh Land Developers
Pvt Ltd in Great Offshore came down to 571 shares, ABG said.
ABG's selling of the stake in Great Offshore comes a day
after its rival, Bharati Shipyard, hiked the open offer price
to Rs 590 per share.
When contacted, a spokesperson of ABG Shipyard said: "The
open offer for 32.12 per cent of Great Offshore will remain at
Rs 520 per share and will start tomorrow." It is scheduled to
close on December 22.
Bharati's open offer will also start tomorrow and close
on December 22.
Following the announcement, shares of ABG Shipyard soared
19 per cent to a high of Rs 225, while Great Offshore tanked
6.25 per cent to witness a low of Rs 511 in the afternoon
trade on the BSE. Bharati Shipyard shot up 16 per cent to a
high of Rs 186.95 on the exchange.
PTI
First Published: Wednesday, December 02, 2009, 16:01