REUTERS - Essar Energy Plc's majority stakeholder won shareholder approval to buy the company after other investors with a stake of 8.29 percent tendered their shares in favour of the offer.
Essar Global Fund Ltd (EGFL), which owns about 78 percent of the India-focused resources company, in March offered 70 pence for each share it does not already own.
The valid acceptances from other shareholders effectively paves the way for EGFL, in which brothers Shashi and Ravi Ruia are beneficiaries, to delist Essar Energy despite opposition from minority shareholders.
EGFL said on Friday it was extending its offer to May 23 from May 9 to those shareholders and bondholders who had not yet tendered in their securities.
Essar Energy said its independent committee set up to examine the offer would make an announcement in due course.
(Reporting by Karen Rebelo in Bangalore; Editing by Savio D'Souza)
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