ABG Shipyard Limited has announced that the Board of Directors of the Company at its meeting held on June 22nd 2009, inter alias have decided to acquire a substantial stake in Great Offshore Limited.

In this regard the company has decided to make a public announcement in terms of SEBI regulations, 1997 as a person acting in concert for acquiring through its wholly owned subsidiary 11 Land Developers Pvt Limited up to 1,25,71,072 fully paid up equity shares of face value INR 10 each of Great Offshore Limited.

This offer is a competitive bid made in respect of Bharati Shipyard Limited public announcement for the acquisition 20% of the diluted share capital of Great Offshore Limited on June 4th 2009 at a price of INR 344 per equity share.