<p> <br />"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.<br /><br />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.<br /><br />Along with ABG Shipyard, it is understood that Bharati Shipyard too has got Sebi approval for an open offer.<br /><br />Bharati Shipyard was, however, not available for comment. A phone call made to Bharati Shipyard Managing Director, PC Kapoor, remained unanswered. <br /><br />Both the rival firms are now locked in a battle to gain control of country's largest integrated offshore services player.<br /><br />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.<br /><br />The last price quoted by Bharati was Rs 560 per share, while that by ABG was Rs 540.<br /><br />Bharati has acquired 23.17 per cent in Great Offshore and had applied to Sebi for an open offer to acquire additional per cent.<br /><br />ABG Shipyard presently holds an around eight per cent stake in Great Offshore.</p>
<p> <br />"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.<br /><br />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.<br /><br />Along with ABG Shipyard, it is understood that Bharati Shipyard too has got Sebi approval for an open offer.<br /><br />Bharati Shipyard was, however, not available for comment. A phone call made to Bharati Shipyard Managing Director, PC Kapoor, remained unanswered. <br /><br />Both the rival firms are now locked in a battle to gain control of country's largest integrated offshore services player.<br /><br />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.<br /><br />The last price quoted by Bharati was Rs 560 per share, while that by ABG was Rs 540.<br /><br />Bharati has acquired 23.17 per cent in Great Offshore and had applied to Sebi for an open offer to acquire additional per cent.<br /><br />ABG Shipyard presently holds an around eight per cent stake in Great Offshore.</p>