NEW DELHI (Reuters) - Essar Oil Ltd, India's second=biggest private refiner, has set a floor price of 146.05 rupees ($2.19) a share to buy out minority shareholders, the company said in a public notice.
On Friday, shares of Essar Oil closed at 210.?15 rupees, up 0.67 percent.
Essar Oil has decided to delist from local stock exchanges by buying out the non-promoter shareholding of 28.54 percent to give its promoters greater flexibility, the company said.
The Bombay Stock Exchange and the National Stock Exchange had earlier approved the planned delisting of shares in Essar Oil.
The share buyback would begin on Dec. 15, the notice said.
Earlier this year, Russia's top oil producer Rosneft has signed a preliminary deal to acquire up to 49 percent in Essar Oil.
($1 = 66.63 rupees)
(Reporting by Mayank Bhardwaj; Editing by Ryan Woo)
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
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