Essar Cap fixes Rs 62 as exit price for India Securities

Essar Capital today said it has fixed an exit price of Rs 62 per share for buying the remaining stake of Essar group-owned India Securities from public shareholders.

While the discovered price in terms of reverse book- building process is arrived at Rs 60.50, Essar Capital has declared a final exit price of Rs 62 per share.

It is accepting all the equity shares tendered at or below the final exit price of Rs 62, Essar Capital said.

In a regulatory filing, India Securities said delisting offer for equity shares of the company is successful. The delisting offer of India Securities opened on March 26 and closed on March 28.

Essar Capital, seeks to acquire up to 219.15 million equity shares representing 25.02% of the equity capital from the public shareholders of the company.

As of December quarter, promoter Essar Capital had 656.65 million shares representing 74.98% stake in the company and institutional investors have 21.11% stake in the company.

The remaining 3.91% stake is with the public and corporate entities, as per data available on the BSE.

Two funds - Passage to India Master Fund and Prime India Investment Fund - together owned over 19% in India Securities.

The equity shares of the company are currently listed only on the BSE.

Shares of India Securities today touched an intra-day high of Rs 60.30, higher by 1.94% over its previous closing price and closed for the day at Rs 59.40, up 0.42% on the BSE.