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Tuesday, February 23, 2010

Great Offshore up 3% on fund raising plans

Great Offshore has advanced 3% to Rs 428 after the company's board announced plans to raise Rs 1,750 crore. The stock opened at Rs 416 and has touched a high of Rs 432 thus far. Around 24,000 shares have changed hands at the counter on the BSE thus far.

The company will raise funds through the issue of equity shares, bonds, debentures and other securities to augment its exploration and production services.

In December, Bharati Shipyard, the country's second-largest ship maker, acquired a 45.88 per cent stake in the Mumbai-based Great Offshore, using a combination of public offer and other acquisition routes. Bharati had acquired over 20 per cent stake for $100 million (Rs 461 crore) through an open offer,

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