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Last Updated : Dec 07, 2015 01:16 PM IST | Source: Reuters

Essar Oil to delist at floor price of Rs 146.05/share

Essar Oil has decided to delist from local stock exchanges by buying out the non-promoter shareholding of 28.54 percent to give its promoters greater flexibility, the company said.

 
 
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Essar Oil Ltd, India's second biggest private refiner, has set a floor price of Rs 146.05 (USD 2.19) a share to buy out minority shareholders, the company said in a public notice.

Essar Oil has decided to delist from local stock exchanges by buying out the non-promoter shareholding of 28.54 percent to give its promoters greater flexibility, the company said.


The Bombay Stock Exchange and the National Stock Exchange had earlier approved the planned delisting of shares in Essar Oil.


The share buyback would begin on December 15, the notice said.

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Earlier this year, Russia's top oil producer Rosneft has signed a preliminary deal to acquire up to 49 percent in Essar Oil.



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First Published on Dec 7, 2015 08:56 am
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