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The Board of Directors of Essar Oil would consider a proposal to voluntarily delist the equity shares of the company at its meeting on June 23.
This would be carried out in accordance with SEBI’s delisting regulations by purchasing the equity shares of the company held by its public shareholders. Currently the company’s public shareholders constitute 27.53 per cent of the equity shares of the company.
According to exchange notification, rationale for delisting is the business strategy of Essar Energy of taking its entire energy business private i.e. unlisted following delisting of shares of Essar Energy Plc from the London Stock Exchange on June 10, 2014.
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