Essar Oil shares zoom over 15% on delisting relaxations

By: |
Mumbai | Updated: November 9, 2015 4:25:42 PM

Shares of Essar Oil surged over 15 per cent on Monday after capital market regulator Sebi gave more time to the promoter of the company to finalise the delisting offer.

Sensex, Nifty, BSE, NSE, essar oilShares of Essar Oil surged over 15 per cent on Monday after capital market regulator Sebi gave more time to the promoter of the company to finalise the delisting offer. (Photo: Reuters)

Shares of Essar Oil surged over 15 per cent intraday on Monday after capital market regulator Sebi gave more time to the promoter of the company to finalise the delisting offer.

The share price of Essar Oil closed 10.03 per cent up at Rs 203.55.

Providing certain relaxations, Sebi on Friday gave more time to the promoter of Essar Oil to finalise the delisting offer.

While directing the company to expeditiously make the public announcement about the delisting, the market watchdog said the same price of proposed deal with Russia’s Rosneft should be offered to the public shareholders.

Shareholders of Essar Oil approved the delisting proposal on August 6, 2014 while in-principle approvals from NSE and BSE were received on July 3, 2015 and July 15, 2015, respectively.

Sebi’s order, issued on an application seeking certain relaxations filed by Essar Oil’s promoter Essar Energy Holdings, said it should expeditiously make the public announcement about the delisting.

 

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
FinancialExpress_1x1_Imp_Desktop