Bharati Shipyard to take over Great Offshore?

Mumbai: Indian media is predicting Bharati Shipyard will soon take over Great Offshore having yesterday snapped up close to 15% of the cash strapped firm.

Great Offshore’s VC and MD Vijay Sheth pledged a 14.89% stake with two Bharati Shipyard group companies for a Rs 200-crore loan to clear some of his dues. “We have decided to acquire the pledged shares and hold it as a strategic long term investment,” Bharati Shipyard MD P C Kapoor said. Bharati has acquired the shares at Rs 315 a piece, translating into Rs 174 crore.

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