 "Essar Group completes Rs 891-cr fund disbursement to Essar Oil shareholders")
Essar Energy on Tuesday announced it had completed an additional payout of Rs 891 crore to Essar Oil’s public shareholders. The payout was due to shareholders on account of the sale of Essar Oil’s assets to a Rosneft-led consortium in August this year.
“Essar Energy Holdings (EEHL) and Oil Bidco (OBML), both incorporated and managed under the laws of Mauritius, on 11 December 2017 disbursed Rs 891 crores to erstwhile public shareholders of Essar Oil. This translates to a price of Rs 76.41 per share,” Essar group said in a statement today.
In August, Essar Group completed Rs 86,000 crore-deal involving the sale of Essar Oil by EEHL and OBML to Rosneft and a consortium led by Trafigura and UCP.
“This payout is over and above the price of Rs 262.80 per share paid to shareholders at the time of delisting. Accordingly, the total payout to public shareholders has increased from Rs 3,064 crore (at the time of delisting) to Rs 3,955 crore,” the company said in its statement. The company was delisted in 2015.
One subscription. Two world-class reads.
Already subscribed? Log in
Subscribe to read the full story →*Subscribe to Business Standard digital and get complimentary access to The New York Times
Smart Quarterly
₹900
3 Months
₹300/Month
SAVE 25%
Smart Essential
₹2,700
1 Year
₹225/Month
SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months
Super Saver
₹3,900
2 Years
₹162/Month
Subscribe
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
SAVE 25%