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Shares of Essar Oi jumped 5 per cent on Thursday to hit the upper circuit after the company fixed the floor price of ₹108.15 for the proposed voluntary delisting of shares. The stock ended at ₹112 on the BSE.
Essar Oil board, on Sunday, had approved delisting of shares from the BSE and NSE. Essar Energy Holdings (EEHL), promoter of the company, wants to buy back from the public about 13.7 crore shares or 27.5 per cent, of the paid-up capital of the company.
“Full ownership of the company will provide EEHL with increased operational/ financial flexibility to support the company's businesses and strategic needs,” the notice said.
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