Essar Oil on Friday announced it would raise Rs 3,000 crore of fresh equity through issue of preferential shares or a rights issue. The company also reported a net loss of Rs 3,990 crore for the third quarter ending December 2011, after making a Rs 4,015 crore provision towards deferred sales tax. Lower crude throughput and a weak refinery margin contributed. The company’s profit for the same period last year was Rs 273 crore.

<p><table width='100%' border=0 cellspacing=0><tr><td style='FONT-FAMILY: Arial; FONT-SIZE: 18px; FONT-WEIGHT: bold; COLOR: #0253B7;'>Essar Oil slips into net loss after tax provision</td></tr><tr><tr><td style='FONT-FAMILY: Arial; FONT-SIZE: 11px; '>India

Essar Oil slips into net loss after tax provision

Indias second-largest private refiner said it will raise Rs 3,000-crore equity through preferential or rights issue

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