ABG Shipyard in India is seeking shareholder backing to borrow up to Rs120bn ($2.51bn), to take over ship owner Great Offshore.

Bharati Shipyard has previously asked for approval to raise its limit to Rs70bn from Rs50bn.

The last offer made by Bharati was Rs560 ($11.73) per share surpassing ABG’s Rs520.

Bharati has acquired 22.48% in Great Offshore and wants another 20%.