Essar Steel extends bid period for delisting offer
Essar Steel, which is a part of the Ruias-promoted Essar Group, on Friday, said it has extended the bid period for the delisting offer of the firm's equity shares to October 3.
By PTI |
MUMBAI: Essar Steel, which is a part of the Ruias-promoted Essar Group, on Friday, said it has extended the bid period for the delisting offer of the firm's equity shares to October 3.
In a filing to the Bombay Stock Exchange, the firm said it had earlier announced that the bid process would close today.
Essar Group has made an offer for buying shares held by the public, representing about 13 per cent in the company.
The company has fixed a floor price of Rs 38 a piece for buying the stake from public shareholders.
Essar Steel Holdings has made an offer to shareholders of Essar Steel for acquiring the 12.92 per cent stake, comprising 14.72 crore shares in the company.
The promoters already have 87.08 per cent stake in the company, while they need a minimum of 90 per cent stake to delist the company. As per the offer, shareholders would have to place their bids around the floor price, after which the company would decide on the exit price.
Essar Steel Holding has said that delisting is meant to offer exit opportunity for shareholders and to offer more flexibility in running the company.
Shares of Essar Steel closed at Rs 45.60, up 2.24 per cent at the BSE.
In a filing to the Bombay Stock Exchange, the firm said it had earlier announced that the bid process would close today.
Essar Group has made an offer for buying shares held by the public, representing about 13 per cent in the company.
The company has fixed a floor price of Rs 38 a piece for buying the stake from public shareholders.
Essar Steel Holdings has made an offer to shareholders of Essar Steel for acquiring the 12.92 per cent stake, comprising 14.72 crore shares in the company.
The promoters already have 87.08 per cent stake in the company, while they need a minimum of 90 per cent stake to delist the company. As per the offer, shareholders would have to place their bids around the floor price, after which the company would decide on the exit price.
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Essar Steel Holding has said that delisting is meant to offer exit opportunity for shareholders and to offer more flexibility in running the company.
Shares of Essar Steel closed at Rs 45.60, up 2.24 per cent at the BSE.
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