The Hindu : Business : Essar Steel, Essar Oil plan to delist from SEs

Online edition of India's National Newspaper
Friday, Jan 26, 2007
ePaper


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Business

Business

Essar Steel, Essar Oil plan to delist from SEs

Special Correspondent

Two boards will meet on Jan. 29 and 30

MUMBAI: The Essar group plans to delist Essar Oil and Essar Steel from the stock exchanges and the boards of these companies will meet next week to take a decision in this regard. With this delisting no Essar company will be listed on the stock exchanges. Another group company, Esasar Shipping, had already received shareholders' approval for its delisting.

"Essar Energy Holdings Limited (EEHL), a Mauritius-based subsidiary of Essar Global Limited and the largest shareholder and promoter of Essar Oil, has sought delisting of Essar Oil from the Bombay and National stock exchanges and the Calcutta Exchange Association," stated a release from Essar group.

EEHL and the promoter group currently hold about 88 per cent in Essar Oil. Essar Steel Holdings Limited (ESHL), also a Mauritius-based subsidiary of Essar Global and the largest shareholder and promoter of Essar Steel, has sought delisting of Essar Steel from the BSE and NSE. ESHL and the promoter group currently hold about 87 per cent in Essar Steel.

Both EEHL and ESHL have requested the board of Essar Steel to obtain consent of the equity shareholders of the company for the proposed delisting of the shares in accordance with the SEBI (Delisting of Securities) Guidelines, 2003. The board of Essar Steel will meet on January 29 and that of Essar Oil on January 30.

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