Vijay Sheth moves to buy out 14.43% stake in Great Offshore from KM Sheth group

Our Corporate Bureau
21 June 2007

The move would allow Vijay Sheth to take over management control in the company.

On Wednesday, Vijay Sheth infirmed the stock exchanges through his investment outfit, Meltar Trading & Investment Company Pvt Ltd, that he proposed to acquire 55 lakh shares, representing 14.43 per cent of GOL from Bharat K Sheth, Ravi K Sheth, KM Sheth and Ms Jyotsna K Sheth.

The acquisition will be made anytime between June 26 and June 30, in the price range of Rs 825 and Rs 900 per share.

Post-acquisition, the shareholding of Meltar Trading in GOL would be 70,81,147 shares, aggregating to 18.58 per cent. The Vijay Sheth group's holding would consequently increase to a little over 24 per cent.

The current holding of the KM Sheth faction in GOL is around 18 per cent, while Vijay Sheth's group holds around 6 per cent.

Market sources would have it that Vijay Sheth and his associates are also likely to exit GE Shipping by divesting their 3 per cent holding in the company to the KM Sheth.