The Hindu Business Line : ABG, Bharati Shipyard scrips up 6% on BSE

MUMBAI: Private shipbuilders ABG Shipyard and Bharati Shipyard on Thursday surged about six per cent, respectively, on the Bombay Stock Exchange, a day after both firms received SEBI’s nod to launch open offer for Great Offshore.

ABG Shipyard and Bharati Shipyard are locked in a battle to gain control over the country’s largest integrated offshore services player Great Offshore.

On Wednesday, the companies got SEBI approval to go ahead with their open offer for Great Offshore. The last offer price quoted by Bharati was Rs 560 per share, while that by ABG was Rs 540.

Shares of ABG Shipyard jumped 5.96 per cent to a high of Rs 213.90 on the BSE and by 5.47 per cent to Rs 213.80 on the National Stock Exchange.

Bharati Shipyard climbed to Rs 174, up by about six per cent on the BSE, and to a high of Rs 174.20, up by 6.02 per cent on the NSE.

Bharati Shipyard has acquired 23.17 per cent stake in Great Offshore and ABG Shipyard currently holds around eight per cent.

Meanwhile, shares of Great Offshore touched a high of Rs 548.70, up 5.68 per cent on the BSE and on the NSE, the stock surged 5.58 per cent to Rs 549. — PTI

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