Friday, May 08, 2009
Mumbai: Indian media is predicting Bharati Shipyard will soon take over Great Offshore having yesterday snapped up close to 15% of the cash strapped firm.
Great Offshore’s VC and MD Vijay Sheth pledged a 14.89% stake with two Bharati Shipyard group companies for a Rs 200-crore loan to clear some of his dues. "We have decided to acquire the pledged shares and hold it as a strategic long term investment," Bharati Shipyard MD P C Kapoor said. Bharati has acquired the shares at Rs 315 a piece, translating into Rs 174 crore.
"We consider investment in Great Offshore as a step towards the company's aspiration to have foothold in all spheres of the offshore industry,” the company said in a statement. [08/05/09]