Essar Oil hits upper circuit on delisting offer

Written by PTI | Mumbai | Updated: Jun 26 2014, 18:21pm hrs
Shares of Essar Oil today soared by five per cent to hit the maximum permissible limit of the day, after the company announced floor price for a proposed offer to delist it from the stock market.

The stock rose 4.97 per cent to hit its upper circuit limit of Rs 112 with a significant rise in trade volumes as well.

Shares of Essar Oil Ltd have been on an upswing in past few days after its promoter Essar Energy Holdings Ltd announced a voluntary delisting offer for the company.

In this regard, the company announced this morning that it has now received a certificate computing the floor price for the delisting proposal, which has been issued by an entity engaged by the promoters in this regard.

Based on the certificate, a floor price of Rs 108.18 has been set for the proposed delisting.