After LSE, Essar Oil moving to delist from Indian bourses too
21 June 2014
Essar Oil Ltd, one of India's biggest refiners, has said its board would meet on Monday to consider delisting the company from the Bombay Stock Exchange and National Stock Exchange of India.
This follows the delisting of its parent Essar Energy Plc from the London Stock Exchange this month.
Essar Oil, an arm of the diversified Essar Group, would be delisted after its founders buy back the shares owned by public shareholders, it said a statement on Friday.
Public shareholders own 27.5 per cent of Essar Oil, the statement said.
The delisting proposal is part of plans to privatise the energy business of Essar Energy Plc in order to provide increased financial flexibility to support its business needs, it said.
Essar Energy Plc shares ceased trading on the London Stock Exchange on 10 June. The process of creating a private company wholly-owned by Essar Global Fund Limited (EGFL) is set to be completed by next month.