No, don't have ANY limits up before you fight him. Every limit break you have charged at the start of the fight, he casts Lapis Lazer, which does 1500ish Damage to each character. Hence, if you go in with all characters limits charged, you're most likely dead. Make sure you have Bolt 3, preferably with a high level All materia. Also Trine helps a lot, and Ramuh is useful for this battle, too, but Trine and Bolt 3 are better. If he grabs one of your characters, don't worry too much, just attack that arm with whatever powerful lightning attacks you have until you destroy it or the character revives. But mainly make sure you're levelled enough, DON'T ENTER THE BATTLE WITH LIMIT BREAKS, and heal when neccessary. You might be able to use Bolt-Elemental in weapons, but I'm not sure, I mainly put my people in the back row and Cast spells at it. It's up to you, though.