India’s biggest delisting process completed by Essar oil after payment of RS 3,745 crore

Essar Oil has announced conclusion of the delisting process of the company from local stock exchanges after a payment of Rs 3,745 crore to shareholders. This payment is biggest in corporate history of India.

Source

14.25 Crore shares detained by public shareholders, the promoters has acquired 10.1 crore shares through a tender made to shareholders.

The shareholders offered their shares between December 15 and 21 throughout the overturn reserve window made available to them under the system of delisting.

While the floor price for the delisting was set at Rs 146.05 per share, Oil Bidco of Mauritius has decided to pay Rs 262.80 per share, which is a premium of 80%.