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Essar Oil shares up over 15% on delisting relaxations from Sebi

SENSEX-bse-rna

Mumbai: Shares of Essar Oil surged over 15% on Monday after capital market regulator Sebi gave more time to the promoter of the company to finalise the delisting offer. The stock soared 15.27% to Rs 213.25 — its 52- week high — at BSE.

At 1430 hours, the shares of the company were trading up 10.97%, or Rs 20.30 at Rs 205.30.

On NSE, it jumped 15.32% to touch its one-year peak of Rs 213.70.

Providing certain relaxations, Sebi on Friday gave more time to the promoter of Essar Oil to finalise the delisting offer.

While directing the company to expeditiously make the public announcement about the delisting, the market watchdog said the same price of proposed deal with Russia’s Rosneft should be offered to the public shareholders.

Shareholders of Essar Oil approved the delisting proposal on August 6, 2014 while in-principle approvals from NSE and BSE were received on July 3, 2015 and July 15, 2015, respectively.

Sebi’s order, issued on an application seeking certain relaxations filed by Essar Oil’s promoter Essar Energy Holdings Ltd, said it should expeditiously make the public announcement about the delisting.

PTI