Essar Ports & Shipping offloads 60 per cent stake in Essar Shipping

NEW DELHI: Essar Ports & Shipping has sold 60.09 per cent stake in Essar Shipping to Essar Africa Steel Holdings by way of inter-se transfer.

"This is to inform you that we have sold 12,43,62,408 equity shares of Rs 10 each in Essar Shipping (ESL), representing 60.09 per cent of the equity share capital of ESL to Essar Africa Steel Holdings Ltd, by way of inter-se transfer," the company told BSE.

"This constitutes disclosures of promoter(s) to the stock exchange and the target company for encumbrance of shares in terms of Regulation of 31(2) of the Sebi Takeover Regulations, 2011," it said.

Essar Shipping is an integrated logistics solution provider with investments in logistics services, sea transportation and oilfield drilling services.