Bharati Shipyard said it has hiked the open offer price to acquire stake in offshore service provider Great Offshore to INR 560 per share. With the increase in offer price the size of the proposal now stands at INR 438.3 crore.

The company which holds 22.48% share in Great Offshore had initially offered to acquire 20% stake in the latter for INR 405 per share.

Bharati Shipyard is locked in a takeover battle with rival ABG Shipyard, which has also made an open offer to buy over 32.12% stake in Great Offshore at INR 520 a share.

Bharati Shipyard in a filing to the BSE said that its revision of the open offer price followed acquisition of 3.01% stake in Great Offshore by Dhanshree Properties from open market on September 16.

It said that “Based on the highest price paid for acquiring some of the shares in set out in the foregoing the offer price stands revised from INR 405 to INR 560 per equity share.”

(Sourced from Press Trust Of India)