Essar Port promoters to acquire shares worth Rs 1,047 crore

Promoters of Essar Ports will acquire shares worth over Rs 1,047 crore from public shareholders at a price of Rs 133 apiece, as part of the delisting process.
Post completion of the acquisition, the promoters will hold 93.29 per cent equity in the company.
"In the RBP (reverse book-building process) 78,736,533 equity shares have been validly tendered at or below the exit price, which is higher than the minimum number of equity shares to be acquired in this delisting offer.
"The promoter shall acquire all equity shares tendered through valid bids at or below the exit price and post completion of the acquisition, the shareholding of the promoter group shall be 93.29 per cent of the total outstanding share capital of the company which would exceed the minimal number of equity shares required for the delisting offer to be successful...," the company said in a BSE filing.

Last week, Essar Ports had informed BSE regarding proposed voluntarily delisting of the equity shares of the company pursuant to the SEBI (Delisting of Equity Shares) Regulations.
It had said in a BSE filing, "The discovered pursuant to tendering in the RBP in terms of the Delisting Regulations is Rs 133 per equity share ('Exit Price'). The promoter has accepted the Exit Price as the final price for the Delisting Offer.

The promoter group companies are Essar Shipping and Logistics, Essar Ports & Shipping, Essar Projects (India), Essar Steel India and Essar Global Fund.
The company said the proposed delisting of equity shares from the stock exchanges is to achieve complete operational or financial flexibility in furtherance of the company's financial needs and enable the promoter group to pursue strategic opportunities in respect of its investments.

The promoter group, collectively, holds a little over 32 crore equity shares representing 74.94 per cent of the total share capital.
The boards of directors of Essar Ports and Essar Shipping had earlier approved a proposal they received from Essar Shipping & Logistics, one of the promoters, to delist shares from the BSE and NSE.
Essar Ports' scrip closed at Rs 129.20, up 0.51 per cent on the BSE.