EEHL and the promoter group currently holds approximately 88% in Essar Oil Limited. EEHL has requested the Board of Essar Oil Limited to obtain consent of the equity shareholders of the Company for the proposed delisting of the shares in accordance with the SEBI (Delisting of Securities) Guidelines, 2003 and include EEHL's intention to de-list the Company in the notice to be sent out to the shareholders of the Company.
Essar Oil Limited will take up the matter in its Board Meeting to be held on January 30, 2007.
The delisting of equity shares of the Company will offer more flexibility in the operations and management of the company, greater efficiencies and at the same time provide an exit opportunity for the shareholders of the Essar Oil Limited.
EEHL intends to de-list the equity shares of the Company from the Bombay Stock Exchange, National Stock Exchange and Calcutta Stock Exchange Association by following the voluntary delisting method. After obtaining the consent of the shareholders, a public announcement will be made in accordance with the SEBI (Delisting of Securities) Guidelines, 2003 for ascertaining the exit price to be paid to the shareholders of the Company.
Essar Global Limited's infrastructure portfolio comprises investments in:
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