Lloyds Banking hikes stake in Essar Energy to 7.14%

London: British entity Lloyds Banking Group on Monday said it has raised stake in Essar Energy to 7.14% after purchasing additional shares.

Lloyds has bought 2,307,442 shares in Essar Energy taking the total to 93,171,369, according to information available with the London Stock Exchange.

With this transaction, which happened on 14 June, Lloyds’ total stake in Essar Energy has increased to 7.14%, it added.

However, the price at which shares were bought was not disclosed.

Prior to the transaction, Lloyds held 90,863,927 shares of Essar Energy, a Ruias-promoted Essar group company.

Shares of Essar Energy were trading at 118.10 pence on the London Stock Exchange, down 1.17% from the previous close.

Essar Energy, integrated energy company focused on India, has an assets worth $16 billion across the power and oil and gas industries.

Its power business currently has four operational power plants in India and one in Algoma, Canada, with a total installed generation capacity of 1,600 MW.

In the oil and gas sector, the company has 15 blocks and fields in the various stages of exploration and production of oil and gas in India, Indonesia, Madagascar, Nigeria and Vietnam.