The Hindu Business Line : LIC raises Bharati Shipyard stake to 9.66%

A BSE announcement from the company said the domestic institution has acquired 7.21 lakh shares, or 2.62 per cent stake, for Rs 12.05 crore through open market transaction between June 18 and 24.

LIC had just 1.14 per cent stake at the end of March, according to the shareholding pattern available with the BSE. Promoters hold 38.95 per cent stake in the company; mutual funds, including UTI, have a 25.31 per cent stake. Foreign institutional investors’ stake stood at 4.72 at the end of March.

Bharati Shipyard is locked in a battle with ABG Shipyard for control of Great Offshore. Earlier this week, ABG Shipyard, through its subsidiary Eleventh Land Developers, made a counter open offer to acquire 32.12 per cent stake in Great Offshore at Rs 375 a share against Bharati’s offer of Rs 344 a share. Since then, Bharati acquired 4.58 per cent stake in Great Offshore at Rs 403 a share and had indicated its intention to revise the offer price higher.

Meanwhile, ABG Shipyard is reportedly awaiting Bharati’s revised offer price so that it can also make a fresh bid with higher offer price.

Shares of Bharati Shipyard closed at Rs 167.10, down 0.15 per cent, on the BSE on Friday.

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