Essar Ports fixes Rs 93.66/share as floor price for delisting

Promoters of Essar Ports have fixed the floor price at Rs 93.66 apiece for acquiring 10.7 crore shares from the public, valuing the delisting offer at little over Rs 1,000 crore.
"...The floor price for the offer is Rs 93.66," the company said in a regulatory filing.
At the floor price, the total deal would be worth more than Rs 1,004 crore, it added
The promoter group companies are Essar Shipping and Logistics, Essar Ports & Shipping Ltd, Essar Projects (India), Essar Steel India Ltd and Essar Global Fund Ltd.
The company said the proposed delisting of equity shares from the stock exchanges is to achieve complete operational/ financial flexibility in furtherance of the company's financial needs and to 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 promoter seeks to acquire 107,290,990 equity shares representing the balance 25.06 per cent of the total share capital from the public shareholders of the company (public shareholders) being all the shareholders of the company other than the promoter group in accordance with delisting regulations," the filing said.
"Further to such acquisition, the promoter will apply to delist the equity shares from the stock exchanges pursuant to and in accordance with the delisting regulations..," it said.
The bid offer will open on October 30 and close on November 5, it added.

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 the NSE.
Essar Ports' scrip closed 0.95 per cent down at Rs 115.10 on the BSE.