Essar Oil shares soar 10% on delisting relaxations

Shares of Essar Oil surged 10 per cent today after capital market regulator Sebi gave more time to the promoter of the company to finalise the delisting offer.
After soaring 15.27 per cent to Rs 213.25 -- its one-year high -- the stock finally ended at Rs 203.55, up 10.03 per cent on BSE.
At NSE, shares of the company jumped 9.98 per cent to end at Rs 203.80.
The company's market valuation rose by Rs 2,690.28 crore to Rs 29,517.28 crore.
On the volume front, 12 lakh shares of the company changed hands at BSE and over 46 lakh shares were traded at NSE during the day.

Providing certain relaxations, Sebi on Friday gave more time to the promoter of Essar Oil to finalise the delisting offer.

While directing the company to expeditiously make the public announcement about the delisting, the market watchdog said the same price of proposed deal with Russia's Rosneft should be offered to the public shareholders.
Shareholders of Essar Oil approved the delisting proposal on August 6, 2014 while in-principle approvals from NSE and BSE were received on July 3, 2015 and July 15, 2015, respectively.
Sebi's order, issued on an application seeking certain relaxations filed by Essar Oil's promoter Essar Energy Holdings Ltd, said it should expeditiously make the public announcement about the delisting.