Ex-Essar Oil minority shareholders to get Rs 880 cr as additional payout

By: | Published: August 23, 2017 6:25 AM

This is Rs 75.48 more than the per share price of `262.8 at which the minority shareholders had tendered their shares during delisting.

Essar, Essar oil, Essar Oil minority shareholders, Ex-Essar Oil minority, additional payoutEssar Group. (image: PTI)

Essar Oil’s former minority shareholders who tendered their shares during delisting will receive Rs 880 crore as an additional payout. The promoters will shortly issue a public notice in this regard and as committed to the delisting offer of December 2015, the additional payout will be made within two months thereafter, the release said. Rosneft and the Trafigura-UCP consortium had announced the closure of the deal to acquire the 98.26% stake in Essar Oil, for Rs 338.28 per share on Monday. This is Rs 75.48 more than the per share price of Rs 262.8 at which the minority shareholders had tendered their shares, the company said in a press release. Russia’s Rosneft and a Trafigura-United Capital Partners consortium acquired India’s Essar Oil for $12.9 billion.

The Securities and Exchange Board of India (SEBI) had directed the promoters Essar Oil to pay the difference between the delisting price and deal price to minority shareholders participating in the delisting if the deal was finalised. Essar founder Shashi Ruia said, “I am extremely happy with this outcome where we could maximise returns for our shareholders who had invested and believed in us.”

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