Essar Oil's promoters to consolidate stake in company

Energy major Essar Oil, a part of the Ruias-promoted Essar Group, today said its promoter entities will consolidate their holdings in the company by way of transfer of shares among themselves later this month.

In a filing to the Bombay Stock Exchange (BSE), Essar Oil said that two of the promoter group entities-- Essar Energy Holdings and Essar Investments -- would consolidate their holdings through 'inter-se transfer' of shares between April 9 and April 30.

As per the proposed transaction, Essar Energy Holdings's stake in Essar Oil will rise to 14.55 per cent from 6.22 per cent after the acquisition of additional 17.47 crore shares from other promoters.

The promoters would acquire the holding in concert with other group companies, including Essar Global, Hazira Steel 2, Teletech Investments (India), Infotech Capital, Essar Steel Ltd, Essar Power Holdings, Essar Steel Holdings, Imperial Consultants, and Vadinar Oil.

Further, another promoter firm Essar Investments would indirectly hold 8.33 per cent in the Essar Oil by acquiring shares in the company after the transfer through Teletech Investments (India).

The acquisition of the shares of Essar Oil from Essar Investments and Essar Energy Holdings would be at the closing price of the shares of the oil major a day prior to the date of the transfer.

As per December quarter shareholding pattern available on the BSE, Essar Investments held 3.26 per cent, Essar Shipping Ports & Logistics held 0.32 per cent, Essar Steel held 0.02 per cent, Teletech Investments (India) held  8.33 per cent and Essar Energy Holdings 6.22 per cent stake in Essar Oil.

Shares of Essar Oil today closed at Rs 143.40 on the BSE, up 2.21 per cent from previous close.