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Great Offshore Bharati

Shipyard v/s ABG Shipyard

About the Parties Involved


Great Offshore Limited (Formerly known as GOL Offshore Limited)
Target Company
Great Off shore Limited (GOL) was hived off from Great Eastern Shipping
Company Limited and Incorporated as a separate company under the
supervision of Mr. Vijay Kantilal Sheth
Bharati Shipyard Limited(BSL)Bidder1
Incorporated on June 22,1976 and Promoted by Mr. P.C. Kapoor and Mr.
Vijay Kumar.
ABG Shipyard Limited(ABG)Bidder2
Incorporated on March 15,1985 as the flagship company of the ABG Group
and engaged in manufacturing of variety of ships.

Bid by BSL
BSL acquired 14.86% equity through sale of pledged shares
On June 3,2009 BSL made a Voluntary Open Offer for 20% at a price
of Rs.344 per share
Later they increased their holding to 23.23% and increased the offer
price from Rs.344 to Rs.405,then to Rs.560 and finally to Rs.590 per
share
Shares acquired through Open Offer 21.02%, share holding as on
date is 49.72%.
Initially Open offer were made under Regulation 10, Later on BSL
modified it to include Regulation 12 as well. However the same was
rejected by the SEBI and directed it to continue with Regulation 10

Bid by ABG
Eleventh Land Developers Private Limited (ELD) along with ABG
Shipyard Limited gave a Counter Offer for 32.12% at Rs.375 per share
on June 23, 2009
They slowly increased their stake to 8.2% and increased the Offer Price
from Rs.375 to Rs.450 and then to Rs.520 per share
As soon as Bharti Shipyard hiked its Offer price to Rs.590, they decided
to quit and sold its 8.2% stake in market. Nevertheless, the open offer
of ABG continued at a price of Rs.520 a share and even received 15.2%
shares in the Offer
ABG made around Rs.50 Cr. By selling shares in market at higher price
Shareholding as on date - NIL.

End Result

Orissa Sponge Iron and Steel Limited Bhushan


Power and Steel Limited v/s Mount Everest Trading
and Investment Limited v/s Bhushan Energy Limited

Parties Involved
Target Company Orissa Sponge Iron and Steel Limited
Acquirer- Bhushan Power and Steel Limited along with
Titanic Steel Industries Limited and Olympian Finvest Limited
Competitive Bidder 1 Monnet Ispat & Energy Limited along with Torsteel
Research Foundation in India and TRFI Investment Private Ltd.
Competitive Bidder 2 Bhushan Energy Limited along with Mr. Neeraj Singal

Bid by Bhushan
(Acquirer)

Power

and

Steel

Limited

Pre holding of the Acquirer - NIL


On February 07, 2009, It has given voluntary offer
for the acquisition of 26% shares in the Target
Company at a price of Rs. 300.
They later became dormant and did not fought
further
Post Shareholding of the Acquirer -NIL

Bid by Monnet Group (Competitive Bidder 1)


It had held around 38.64% in the Target Company along with
the Promoters who are PAC with it.
It joined hands with the promoters and entered in to a Share
and warrant purchase agreement to acquire 27.10% Equity
stake and warrants held by promoters.
It then made an offer to acquire 20% of the Emerging Voting
Rights at a price of Rs.310 per share which was revised to
Rs.370 per share.
Shares acquired through Open Offer 5.42%.
Post Open Offer Share holding was 71.16%.

Bid by Bhushan Energy Group (Competitive Bidder 2)


It had held approx. 15% share and During the Open Offer it
acquired 6.10% shares
It had made Second Competitive Offer to acquire 20% of the
Emerging Voting Rights at a price of Rs.330 per share which was
further revised to Rs.360.
Shares acquired through Open Offer 0.02%
Post Open Offer Share holding was 17.12%
35,00,000 Warrants held by the Bidder were under Litigation.
Vide SEBI order dated June 12,2014 the matter has been resolved
and it was held that pursuant to the conversion of above warrants
there could be no change in control.

END RESULT
Though the open offer has been completed.
However the battle between Monnet Group and
Bhushan Energy Group is still going on and
involved various issues.