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Indiaexportnews.com

Bharati Shipyard to acquire 51 pc stake in Tebma

  24.11.2010    

Bharati Shipyard will acquire 51 per cent equity stake in the Chennai-based Tebma Shipyard for Rs 75.75 crore, in the process getting management control of the company, according to Exim News Service.
At present, ICICI Venture holds a 53 per cent stake in the company, other promoters 4.93 per cent, while the rest is held by the public, Mr P.C. Kapoor, Managing Director of Bharati Shipyard, said.
Bharati Shipyard will be issued fresh equity at a price of Rs 19.20 a share. This will expand the post-issue equity capital base of Tebma to Rs 77.36 crore. The current equity capital of Tebma Shipyard is Rs 7.78 crore.
After the infusion, ICICI Venture’s stake will come down to 44.28 per cent.
ABG Shipyard was also in the race to acquire the company.
The acquisition would help Bharati Shipyard get access to Tebma’s readymade and modern shipyards in the South. Tebma has shipyard at Malpe in Karnataka, Cochin in Kerala and Chingleput in Tamil Nadu.
"The combined Bharati-Tebma entity, with a total of nine shipyards, will now be in a formidable position to offer cost-effective solutions to their global and domestic customers," Mr Kapoor said.
Through this, Bharati could save costs for construction of such yard facilities. Tebma’s strategic alliance with Cochin Shipyard could also be beneficia.



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