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Business News/ Market / Stock-market-news/  Essar Ports delisting floor price set at Rs90.5 per share
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Essar Ports delisting floor price set at Rs90.5 per share

The delisting floor price for Essar Shipping has been set at `20.76 apiece, 8.55% below Thursday's trading price

At 3.32pm, Essar Shipping Ltd was trading at `22.75 on BSE, down 2.36%, while Essar Ports Ltd fell 0.28% to `106.00.Premium
At 3.32pm, Essar Shipping Ltd was trading at `22.75 on BSE, down 2.36%, while Essar Ports Ltd fell 0.28% to `106.00.

Mumbai: The floor prices for delisting shares of Essar Ports Ltd and Essar Shipping Ltd have been set at 90.50 and 20.76 apiece, respectively, according to notices sent to the BSE on Thursday.

Essar Ports’ delisting price is 14.14% below the Thursday’s trading price while Essar Shipping delisting price is 8.55% lower.

The floor price, according to Securities and Exchange Board of India (Sebi) regulations, has to be calculated based on the last two weeks’ average share price and the last 26 weeks’ average share price, whichever is higher.

On 12 October, the Essar Group board approved delisting of Essar Shipping and Essar Ports from the bourses, citing lack of investor appetite and the promoter group’s need for increased flexibility.

In a filing to BSE on Monday, Essar Ports said it has received approval from promoter group companies, including Essar Shipping and Logistics Ltd, Essar Projects (India) Ltd, Essar Steel India Ltd, Imperial Consultants and Securities Pvt. Ltd and Essar Global Fund Ltd. These firms collectively own 25.03% stake in Essar Ports.

In June, Essar Group approved delisting of Essar Oil Ltd and its in the process of delisting the company.

At 3.32pm, Essar Shipping Ltd was trading at 22.75 on BSE, down 2.36%, while Essar Ports Ltd fell 0.28% to 106.00.

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Published: 16 Oct 2014, 03:41 PM IST
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