Shipbuilder Bharati Shipyard (BHAR.BO: Quote, Profile, Research) will make an open offer to acquire 20 percent in offshore services firm Great Offshore (GOFS.BO: Quote, Profile, Research) to consolid
ate its investment in the firm, it said on Sunday. Bharati, which already holds 14.9 percent in Great Offshore, will acquire the shares through its unit, Natural Power Ventures Pvt Ltd, it said in a statement on Sunday. "This acquisition would provide enhanced stability to the existing management in Great Offshore and maximise shareholer value for both companies," Managing Director P.C. Kapoor said in a company release. In June 2007, Great Offshore promoter Vijay Sheth had pledged his entire 15.5 percent stake with IL&FS and Motilal Oswal, who started to seek margin money following a plunge in the value of shares pledged by Sheth, according to media reports. This prompted Sheth to borrow from Bharati, with whom Great Offshore had placed some vessel orders.
ate its investment in the firm, it said on Sunday. Bharati, which already holds 14.9 percent in Great Offshore, will acquire the shares through its unit, Natural Power Ventures Pvt Ltd, it said in a statement on Sunday. "This acquisition would provide enhanced stability to the existing management in Great Offshore and maximise shareholer value for both companies," Managing Director P.C. Kapoor said in a company release. In June 2007, Great Offshore promoter Vijay Sheth had pledged his entire 15.5 percent stake with IL&FS and Motilal Oswal, who started to seek margin money following a plunge in the value of shares pledged by Sheth, according to media reports. This prompted Sheth to borrow from Bharati, with whom Great Offshore had placed some vessel orders.For further details visit at : in.reuters.com/article/domesticNews/idINBOM46605420090601
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