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Ashwathi Ashokan

2988

Benette Abraham

2990

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 Accredited with ISO 9001 ± 2000

Privately operated shipyard, promoted byMr. P.C. Kapoor and Mr. Vijay Kumar 

Construction- sophisticated vessels- marine

sector.

BSL is listed on both NSE and BSE and owns

six strategically located shipyards at different

parts of the country.

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Offshore oilfield services provider 

Offering services to oil and gas producers tocarry out offshore exploration and production

(E&P) activities.

ISO 9001 and ISO 14001 registered.

GOL is listed on both the NSE & BSE.

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Great Offshore saw aggressive bidding for almost 6

months by the two shipyard giants, Bharati Shipyard

Limited and ABG Shipyard Limited

The chase to acquire GOL by both BSL and ABG

resulted in the open offer price of GOL shooting from

INR 344/- per share to INR 590/- per share

 ABG after making an open offer for management

control, suddenly withdrew from the bidding race, by

selling almost its entire stake in GOL to Edelweiss .

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 ABG did not want to acquire shares of GOL at a

rate higher than INR 590/- per share which was

the price offered by BSL. Talk of unfair trade practice and market

manipulation- ABG purposefully foiled BSL¶s

plan to acquire GOL by increasing the offer price

of BSL.

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BSL bagged the control of GOL despite the

acquisition turning out to be expensive costing

around INR 900 crores.

 ABG sold its entire stake to - Edelweiss , ECL

Finance Limited, Carmona Investment &

Finance for a profit of 50 crores.

Win win situation for both.

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Loopholes in the Takeover Code

Sale of stake by the bidder before the open offer to defeat the purpose of the offer is legally not

prohibited.