Essar Oil shares will be in focus after Russia’s Rosneft signs preliminary deal to buy into its Vadinar refinery.
At 10.25 am, shares were up 0.48 per cent on BSE and at NSE it was up 1.06 per cent.
Shares of Essar Oil gained 0.48 per cent on BSE and over 1 per cent on NSE after Russian oil firm Rosneft confirmed that it would buy 49 per cent stake in the company for an undisclosed amount.
At 11:45 am, Essar Oil gained 0.30 per cent on BSE, while on NSE, it gained 0.32 per cent.
Essar Oil owns India’s second biggest oil refinery
Essar said it “signed a non-binding Term Sheet with regard to Rosneft’s participation in the equity capital of Essar Oil Limited with a share of up to 49 per cent.”
The proposed transaction is conditional upon various factors such as due diligence, determination of the transaction price, execution of definitive transaction documents and receipt of requisite approvals, it said in a statement.
Not disclosing the price, Essar said “appropriate disclosures shall be made in accordance with applicable law as and when any definitive steps in relation to the aforesaid are undertaken.”