Mumbai: Essar Oil Ltd said on 15 March it has received its shareholders’ approval for delisting the equity shares of the company from Bombay Stock Exchange and National Stock Exchange as per Sebi guidelines.
Essar Oil informed the BSE that the shareholders have passed a special resolution by way of postal ballot to delist the shares.
At present, Essar Energy Holdings Ltd (EEHL) together with persons acting in concert (PAC) hold around 217.2 million equity shares and over 5.12 million global depository shares, representing approximately 784.3 million shares aggregating to 87.96% of Essar Oil’s total equity share capital.
Essar Energy Holdings is a Mauritius-based subsidiary of Essar Global Ltd.
The Board of Essar Oil has already approved the delisting proposal.
Ruia-controlled Essar group had earlier said it was delisting its steel and oil arms from stock exchanges to gain more flexibility in running the companies.