Essar Oil board to seek shareholders nod again for $2-b fund raising plan

Essar Oil Ltd’s board of directors on July 11 decided to seek revalidation of earlier approval of shareholders for passing an enabling resolution for the issue of further equity shares and/or convertible debentures and/or GDSs/ADRs/FCCBs by way of public and/or private offering in domestic / international market(s) and/or qualified institutional placement for an amount not exceeding $2 billion.