Essar Steel set to delist from stock exchanges

MUMBAI: Essar Steel Holdings (ESHL) has received 5.48-crore shares through the reverse book building offer for delisting Essar Steel. The offer closed on October 3.

According to sources, over 75% of the shares tendered were in the region of Rs 48 per share. The company is likely to fix this as the discovered or exit price. The company officials refused to comment on the exit price.

The threshold limit of 90% required for delisting was 3.3 crore shares. ESHL holds 87% in the equity capital of Rs 1,139 crore.

ESHL, the promoter of Essar Steel, had sought to delist the shares of the company from the stock exchanges. ESHL is the holding company of the steel business of Essar Group.