Shares of Essar Ports will stop trading on the stock exchanges BSE and NSE with effect from December 24 as the company plans to voluntarily delist its equity scrips. The exchanges said that the company has complied with the formalities for voluntary delisting of equity shares. Accordingly, trading in the equity shares of Essar Ports will be discontinued with effect from December 24, 2015, the exchanges said in separate circulars. Further the equity shares of Essar Ports will be delisted from the exchanges records from December 31 this year. BSE said that exit option will be kept open for the remaining public shareholders for a period of at least one year from the date of delisting at Rs 133 per equity share. Last month, Essar Ports had informed bourses regarding proposed voluntarily delisting of the equity shares of the company pursuant to the Sebi (Delisting of Equity Shares) Regulations. The delisting is aimed at achieving complete operational or financial flexibility in furtherance of the company's financial needs and enable the promoter group to pursue strategic opportunities in respect of its investments. The company, in November, had said that its promoters will acquire shares worth over Rs 1,047 crore from public shareholders at a price of Rs 133 apiece, as part of the delisting process. Post completion of the acquisition, the promoters would hold 93.29 percent equity in the company.
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