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Tuesday, December 1, 2009

Bharati's open offer for Great Offshore from Dec 3

Bharati Shipyard today said its open offer for a 20 per cent stake in offshore drilling firm Great Offshore will open from December 3 to December 22.

In a filing to the Bombay Stock Exchange, Bharati said its open offer to acquire over 78.26 lakh shares in Great Offshore would begin on December 3. The open offer was initially scheduled to begin from July 25.

The firm also has the option of revising the size and price of the offer till December 11, it said.

Bharati, which currently holds 22.48 per cent stake in Great Offshore, is locked in a battle with ABG Shipyard to gain control of the country's largest integrated offshore services player.

Bharati had earlier made an open offer for 20 per cent stake in the offshore firm at Rs 560 per share.

Last week ABG said its open offer for a 32.12 per cent stake at Rs 520 per share in Great Offshore will begin on December 3.

Shares of Bharati were trading at Rs 159.85, up 1. 49 per cent, while Great Offshore was trading higher by 0.71 per cent at Rs 548 on the BSE.

Both ABG and Bharati had received Sebi's go ahead for an open offer for Great Offshore.

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