Essar Energy to consolidate shareholding in oil arm

MUMBAI: Essar Energy Holdings will consolidate its shareholding in Essar Oil later this month as precursor to its plan to raise nearly $3 billion through listing with the London Stock Exchange.

In a stock exchange filing on Monday, Essar Oil said Essar Energy Holdings and Essar Investments would consolidate their holdings through inter-se transfer of shares between April 9 and April 30. Essar Energy Holdings and Essar Investments now hold a 9.4% stake in Essar Oil.

Post the transaction, their combined holding will go up by another 8.3% in Essar Oil. The transactions will take place at closing price of the Essar Oil stock a day prior to the date of the transfer.