Essar oil out of red, awaiting nod for delisting
Net sales of the Ruias-controlled company increased to Rs 137.21 crore during the quarter compared to Rs 76.69 crore during the quarter ended December 31, 2005.
By PTI |
Mumbai: Awaiting shareholders' approval for delisting from the bourses, Essar Oil on Tuesday said its net profit went up to Rs 12 lakh during the third quarter ended December 31, 2006, as against a net loss of Rs 21.83 crore during the same quarter last year.
Net sales of the Ruias-controlled company increased to Rs 137.21 crore during the quarter compared to Rs 76.69 crore during the quarter ended December 31, 2005.
Meanwhile, in a filing to the Bombay Stock Exchange (BSE), Essar Oil said that the company Board has approved the delisting of the company's shares from the bourses and decided to seek the consent of shareholders for the purpose.
The Board of Directors at its meeting has decided to obtain the consent of shareholders to delist the shares of the company from the Bombay Stock Exchange and National Stock Exchange, it said.
At present, Essar Energy Holdings Ltd (EEHL) together with Persons Acting in Concert (PAC) holds 217,981,874 equity shares and 5,126,708 Global Depository Shares representing 784,386,324 shares aggregating to 87.96 per cent of the total equity share capital of company.
Last week, Ruias-controlled Essar group had said it will delist its steel and oil arms from stock exchanges to gain more flexibility in running the companies.
On Monday, Essar Steel had got approval from the board for the delisting its shares from the bourses.
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