Bharati picks 15% stake in Great Offshore

Bharati Shipyard, a BSE-listed private sector shipyard, on Thursday, announced the acquisition of 14.89 per cent equity stake in Great Offshore at a price of Rs 315 per share.

The acquisition is being made by Bharati Shipyard through two of its wholly owned subsidiaries, Natural Power Ventures and Dhanshree Properties.  The purchase consideration for the equity buy works out to Rs 174.31 crore.

It may be noted that promoters of Great Offshore had pledged 14.89 per cent stake or 55,33,786 shares with Advitiya Urja and Vishudh Urja, the two other wholly owned subsidiaries of Bharati Shipyard. 

Currently, it owns five shipyards, which are strategically located at Dabhol, Ratnagiri, Ghodbunder–Thane in Maharashtra, Kolkata and Mangalore in Karnataka.  A subsidiary of the Group, Pinky Shipyard Ltd., also owns a shipyard at Goa.

The company has a strong order book position of Rs 5093.71 crore and majority comprises of vessels.