Dhanashree Properties, owned by Bharati Shipyard bought 1,116,267 shares of Great Offshore from BSE and NSE today. This amounts to 3% stake increase in Great Offshore. Dhanashree Properties bought 360,000 shares in the NSE, and 756,267 shares in the BSE.
On NSE:
Videocon sold 223,600 in the NSE today, and we assume they were bought by Bharati Shipyard's company. This buy increases Bharati Shipyard's stake in Great Offshore to 23%. ABG Shipyard and Bharati Shipyard are in a race to acquire Great Offshore. ABG has around 8% holding in Great Offshore. Bharati Shipyard seems to have sealed the managerial control (which it can assume after having 26% holding), with its (now) 23% holding.
At the moment, Great Offshore has book closure period running.
Bharati Shipyard and ABG Shipyard had announced open offers for Great Offshore. The offers hit roadblock, as we had informed. Now Bharati seems to be in an impressive lead to take over Great Offshore, however, ABG cannot be written off. The battle has just intensified.
Bharati Shipyard's stock closed flat today, at Rs. 208, whereas ABG's stock closed up a percent at 265.15 on the BSE. Great Offshore was up 4.93% on the BSE with turnover clocking Rs. 58 crores on the BSE. More news from the Shipbuilding sector!!
Incidentally, Videocon's Dhoot owned 3% stake in Great Offshore. It is possible that he has sold his entire stake to Bharati. There were rumours that he had sided with ABG, but they can be proven false, if this is true.
On BSE:
| 16/9/2009 | 532786 | GREAT OFFSH | DHANASHREE PROPERTIES PVT. LTD | B | 756267 | 558.80 |
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