BL reported that private shipbuilder Bharati Shipyard which is in the race to acquire Great Offshore proposes to go in for a rights issue.

Mr PC Kapoor MD of the company said the company plans to go in for a rights issue to raise funds to meet its capital expenditure. However he did not give any other details.

Mr Kapoor said at the annual general meeting of the company said that the company has outlined a CAPEX plan of INR 150 crore to INR 200 crore for the next two years.

Of the planned spend, most will go as investments for developing the Dabhol and Mangalore shipyard, Mr V Kumar MD told Business Line on the sidelines of the AGM.

Bharti Shipyard is expecting the SEBI approval in 10 days for its acquisition bid for Great Offshore.

Bharati Shipyard official said that the market regulator had made certain enquiries regarding the funding of the acquisition in the last few weeks. Hopefully within the next 10 days we should get the SEBI nod.

(Sourced from Business Line)