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ABG, Bharati get Sebi nod

Mumbai, Nov. 19: Private shipbuilder, ABG Shipyard, on Thursday, said that it has received the market regulator, Sebi’s approval for its 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),” said ABG Shipyard, chief financial officer, Mr Dhananjay Datar.
While Mr 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. Both the rival firms are now locked in a battle to gain control of the 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.
Meanwhile, shares of ABG Shipyard and Bharati Shipyard on Thursday closed marginally up on the Bombay Stock Exchange, a day after both the firms received market regulator Sebi’s approval to go ahead with their open offer for Great Offshore.
Shares of ABG Shipyard closed up 0.64 per cent at Rs 203.15 on the Bombay Stock Exchange and on the National Stock Exchange the stock closed at Rs 203.50.

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