Essar Oil up 12% at Rs 214.9
Essar Oil shares were Monday up nearly 12 per cent at Rs 214.9, extending gains from Friday after the company said it had shelved plans to delist the company's shares.
By INDIATIMES NEWS NETWORK |
MUMBAI: Essar Oil shares were Monday up nearly 12 per cent at Rs 214.9, extending gains from Friday after the company said it had shelved plans to delist the company's shares.
The company plans to stay listed in view of its expansion plans, which will help it raise funds in the futures.
Essar Oil on Friday said it will spend about $6 billion to expand its refining capacity. It plans to build a new 360,000 barrel per day refinery next to its existing plant at Vadinar, Gujarat, which would help raise its capacity to 680,000 bpd by 2010.
Essar Oil shares had Friday closed 22 per cent higher at Rs 192.35, following the announcement that it would not go for delisting.
The stock had gained over 145 per cent in a week on expectations of a buyback in view of its delisting plans. Over a month Essar Oil shares have risen 325 per cent.
The company plans to stay listed in view of its expansion plans, which will help it raise funds in the futures.
Essar Oil on Friday said it will spend about $6 billion to expand its refining capacity. It plans to build a new 360,000 barrel per day refinery next to its existing plant at Vadinar, Gujarat, which would help raise its capacity to 680,000 bpd by 2010.
Essar Oil shares had Friday closed 22 per cent higher at Rs 192.35, following the announcement that it would not go for delisting.
The stock had gained over 145 per cent in a week on expectations of a buyback in view of its delisting plans. Over a month Essar Oil shares have risen 325 per cent.
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