ABG Shipyard gets Sebi nod for open offer for Great Offshore

 
"We welcome the Sebi nod for an open offer. It will also create a level-playing field between both ABG Shipyard and Bharati Shipyard (its competitor)," ABG Shipyard, Chief Financial Officer, Dhananjay Datar, said.

While Datar did not divulge further details, it is understood that the market regulator has allowed ABG Shipyard to go for an open offer in December.

Along with ABG Shipyard, it is understood that Bharati Shipyard too has got Sebi approval for an open offer.

Bharati Shipyard was, however, not available for comment. A phone call made to Bharati Shipyard Managing Director, PC Kapoor, remained unanswered.

Both the rival firms are now locked in a battle to gain control of country's largest integrated offshore services player.

According to Sebi's takeover code, an acquirer has to offer to existing shareholders of the target company the option to tender their shares at a price not less than the acquisition price.

The last price quoted by Bharati was Rs 560 per share, while that by ABG was Rs 540.

Bharati has acquired 23.17 per cent in Great Offshore and had applied to Sebi for an open offer to acquire additional per cent.

ABG Shipyard presently holds an around eight per cent stake in Great Offshore.