title-bar

Essar Energy shareholders get Rs 76.41 more per share

By: |
Mumbai | Published: December 13, 2017 5:37:44 AM

Former promoters of Essar Oil — Essar Energy Holdings and Oil Bidco (Mauritius) (OBML) — have disbursed an additional Rs 76.41 per share to the former minority shareholders of Essar Oil, aggregating to a sum of Rs 891 crore.

essar shareholders, benefits for essar sharesholder, esser shareholders profitThis payment is over and above the Rs 3,064 crore paid to shareholders at the time of delisting of Essar Oil in 2015. (Reuters)

Former promoters of Essar Oil — Essar Energy Holdings and Oil Bidco (Mauritius) (OBML) — have disbursed an additional Rs 76.41 per share to the former minority shareholders of Essar Oil, aggregating to a sum of Rs 891 crore. This payment is over and above the Rs 3,064 crore paid to shareholders at the time of delisting of Essar Oil in 2015. “All shareholders who successfully tendered their Essar Oil shares in the delisting cum exit offer made by the erstwhile promoters in December 2015 are the beneficiaries of this additional payout of Rs 76.41 per share calculated based on the closing price including the interest at 10% per annum for the extended period beyond the prescribed due-date,” the company said in a statement. “While the floor price for the delisting was set at Rs 146.05 per share in accordance with a Sebi-mandated formula, OBML agreed to pay Rs 262.80 per share, which was a premium of 80% over the Sebi mandated formula. Now, with the additional payout, the total price paid represents a premium of about 132%,” the company said.

On August 22 Essar Oil was sold to Rosneft, and a consortium led by Trafigura and UCP for Rs 86,000 crore. “The additional payout has been calculated on the basis of the equity price per share of Rs 338.28 received by Essar Energy upon completion of the Essar Oil deal,” the release said.

Essar positioned the move as a first-of-its-kind, shareholder-friendly initiative.

Get live Stock Prices from BSE and NSE and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Switch to Hindi Edition