The Sebi order, dated 6 November 2015, followed several complaints by minority shareholders of Essar Oil, essentially alleging that the promoters of the firm were trying to delist it having already sealed a deal to sell their stake in it to another investor at a higher price. Photo: ReutersMumbai: Essar Oil Ltd’s minority shareholders, who had tendered their shares in the company’s delisting offer in 2015, will earn about Rs107.3 per share, following the acquisition of 98.26% of its equity by Rosneft PJSC, Trafigura Pte Ltd and UCP Investment Group, a Mint analysis reveals. With a total of 145.06 crore shares outstanding as of financial year 2015-16, this translates into a per share price of about Rs370.1 (Rs52,786.2 crore divided by 98.26% of 145.06 crore shares). The Sebi order, dated 6 November 2015, followed several complaints by minority shareholders of the company, essentially alleging that the promoters of the company were trying to delist it having already sealed a deal to sell their stake in it to another investor at a higher price. “Those shareholders who tendered their shares in the open offer will be paid back according to the margin from the deal as per Sebi’s buyback regulations,” Essar Group’s founder Shashi Ruia told PTI.

Source: Mint August 22, 2017 03:45 UTC