Essar Oil shares to stop trading on exchanges from February 10

NEW DELHI: Shares of Essar Oil will stop trading on the stock exchanges, BSE and NSE, from February 10 as it has complied with voluntary delisting norms.

Essar Oil last month had announced completion of the company's delisting from local stock exchanges after a payout of Rs 3,745 crore to shareholders, the largest in India's corporate history.

The company has complied with the "formalities for voluntary delisting of equity shares."

Accordingly, trading in the equity shares of Essar Oil will be discontinued with effect from February 10, the bourses said in separate circulars.

Further, the equity shares of Essar Oil will be delisted from the exchanges records from February 17, this year.

BSE said exit option will be kept open for the remaining public shareholders for a period of at least one year from the date of delisting at Rs 262.80.

Of the 14.25 crore shares held by public shareholders, the promoters had acquired 10.1 crore shares through an offer made to shareholders, as against the requirement of 9.26 crore shares for delisting.

The shareholders tendered their shares between December 15 and 21 through the reverse book building window made available to them under the delisting regulations.