Vijay Sheth to buy majority stake in Great Offshore

Vijay Sheth, MD, Great Offshore, will buy a majority stake in the company in an all-cash deal, reports CNBC-TV18.

It is also stated that Vijay Sheth will buy Ravi and Bharat Sheth''s 18.5 per cent stake in an all cash deal of Rs580 crore, or Rs825 per share.

GE Capital and IL&FS would provide debt to Delta Housing Company. Delta Housing is an investment company owned by Vijay Sheth.

Vijay Sheth holds around 3 per cent stake in GE Shipping. He will in turn sell his shares to the KM Sheth faction. Vijay Sheth had approached SEBI seeking exemption under takeover code. In case of a transfer between promoters, the takeover code does not apply.

Around 28 per cent stake is held by promoters and 5-6 per cent stake is held by families of Mulji and Asha Sheth.