Essar Group completes Rs 891-cr fund disbursement to Essar Oil shareholders

Essar Energy on Tuesday announced it had completed an additional payout of Rs 891 crore to Essar Oil’s public shareholders. The payout was due to shareholders on account of the sale of Essar Oil’s assets to a Rosneft-led consortium in August this year.

“Essar Energy Holdings (EEHL) and Oil Bidco (OBML), both incorporated and managed under the laws of Mauritius, on 11 December 2017 disbursed Rs 891 crores to erstwhile public shareholders of Essar Oil. This translates to a price of Rs 76.41 per share,” Essar group said in a statement today. 

In August, Essar Group completed Rs 86,000 crore-deal involving the sale of Essar Oil by EEHL and OBML to Rosneft and a consortium led by Trafigura and UCP. 

“This payout is over and above the price of Rs 262.80 per share paid to shareholders at the time of delisting. Accordingly, the total payout to public shareholders has increased from Rs 3,064 crore (at the time of delisting) to Rs 3,955 crore,” the company said in its statement. The company was delisted in 2015.