Shares of Essar OilBSE 4.97 % were locked at 5 per cent upper circuit after the company fixed the floor price of Rs 108.15 for proposed voluntary delisting of shares.
The board, on Monday, had approved delisting of shares from the BSE and NSE.
After taking Essar Energy Plc private from the London Stock Exchange (LSE), the Essar group has proposed to delist Essar Oil.
Promoters Essar Energy Holdings (EEHL) wants to buy back from the public about 13.7 crore shares (27.5 per cent) that it doesn't own in Essar Oil.
"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. EEHL is the holding firm of the Ruais which is incorporated in Mauritius.
The board, on Monday, had approved delisting of shares from the BSE and NSE.
After taking Essar Energy Plc private from the London Stock Exchange (LSE), the Essar group has proposed to delist Essar Oil.
Promoters Essar Energy Holdings (EEHL) wants to buy back from the public about 13.7 crore shares (27.5 per cent) that it doesn't own in Essar Oil.
"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. EEHL is the holding firm of the Ruais which is incorporated in Mauritius.
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