ABG Shipyard has increased its open offer price for Great Offshore to Rs 520 per share from Rs 450 earlier. The company said it had bought 1.5 lakh Great Offshore shares on Monday at and average price of Rs 498.4 per share. CNBC-TV18’s Nimesh Shah reports that this is the third time ABG Shipyard has revised its open offer price for the Great Offshore.

Here is a verbatim transcript of Nimesh Shah’s comments on CNBC-TV18. Also watch the accompanying video.

The initial open offer was at Rs 375 that moved to Rs 450 and now its Rs 520 per share for the third offer. Sources say, in the last two days, the company has bought close to 1% equity from the market and some bit of shares were bought at Rs 520 — the reason why it upped the prices by Rs 520 per share.

ABG’s holding in Great Offshore now goes up to 9%. Bharti Shipyard is another contender, its open offer being at Rs 405 but the latter has 19% stake vs ABG’s 9% stake.

Insurance companies have a big chunk of share in Great Offshore and it remains to be seen what way they tilt to in the battle for the company’s control.

It it also learnt there may be more counter offers from both ABG and Bharti Shipyard ahead. Bharti Shipyard not only wants shares from the open market but it has also been aggressive in upping the open offer price. It now remains to be seen what Bharti Shipyard does in the next few days.

source: moneycontrol

Tags: abg greatoffshore, great offshore news, great offshore stake sale, great offshort

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