Ex-Essar Oil minority shareholders to get Rs 880 cr as additional payout

August 23, 2017
FE Bureau-Financial Express

This is Rs 75.48 more than the per share price of `262.8 at which the minority shareholders had tendered their shares during delisting.

Essar Oil’s former minority shareholders who tendered their shares during delisting will receive Rs 880 crore as an additional payout. The promoters will shortly issue a public notice in this regard and as committed to the delisting offer of December 2015, the additional payout will be made within two months thereafter, the release said. Rosneft and the Trafigura-UCP consortium had announced the closure of the deal to acquire the 98.26% stake in Essar Oil, for Rs 338.28 per share on Monday. This is Rs 75.48 more than the per share price of Rs 262.8 at which the minority shareholders had tendered their shares, the company said in a press release. Russia’s Rosneft and a Trafigura-United Capital Partners consortium acquired India’s Essar Oil for $12.9 billion.
The Securities and Exchange Board of India (SEBI) had directed the promoters Essar Oil to pay the difference between the delisting price and deal price to minority shareholders participating in the delisting if the deal was finalised. Essar founder Shashi Ruia said, “I am extremely happy with this outcome where we could maximise returns for our shareholders who had invested and believed in us.”
Reference:-

Comments

Post a Comment

Popular posts from this blog

India Joins Russia in Voting Against West-Backed Move to Expand Powers of OPCW

The Wire: June 28, 2018 New Delhi: India voted against a UK-backed move that will allow the global chemical weapons watchdog to apportion blame for illegal attacks, criticising the decision to grant “unchecked powers” to the head of the group which could be used for “partisan” purposes. On Wednesday, more than two-thirds of the member states of the Organisation for the Prohibition of Chemical Weapons (OPCW) voted to authorise the international body to identify the perpetrators and sponsors of a chemical weapons attack. It also specifically called on the OPCW’s technical secretariat to begin work on identifying the perpetrators behind the use of chemical weapons in Syria. The draft decision, sponsored by 30 countries, was adopted at the fourth special session of the conference of the states parties to the Chemical Weapons Convention at the Hague, with 82 in favour and 24 negative votes. While Europe, the United States and their allies voted ‘yes’, there was strong oppo...
Read more

As financial insecurity rises in urban India, so does investment in insurance

Image
Scroll.in March 13, 2020 Urban Indians are becoming less confident about their financial security. Up to 58% of them fret over financial independence post retirement, which is a 4% increase from last year. An equal share of urban Indians worry about meeting their daily medical expenses and sustaining their current lifestyle once they stop working. The findings are part of a survey published by Delhi-based Max Life Insurance in association with London-based consultancy Kantar. The firms surveyed 7,014 respondents in 25 cities, including six metros, nine tier-1 cities, and 10 tier-2 cities, between December 2019 and January 2020. Source: Max Life Insurance via Quartz The trends Source: Max Life Insurance via Quartz Source: Max Life Insurance via Quartz Source: Max Life Insurance via Quartz A significant share of urban Indians also say their families will have no financial support in the event of the breadwinner’s death. In such a scenario, around 57% believe the family sav...
Read more

ED tracks Swiss Bank A/Cs of Agusta scamster

The Poineer February 10,2019 Rakesh K Singh The Enforcement Directorate (ED) has tracked a dozen Swiss bank accounts in the name of Rajiv Saxena, who is key accused in the Rs 3,600 crore AgustaWestland VVIP chopper scam. The ED has also found out accounts held by  his family members and associates where the kickbacks in the now scrapped deal were allegedly parked. Two bank accounts are in the name of Rajiv Saxena’s  associates Pankaj Jain and Sumita Jain who are also the authorised signatories. The  third is in the name of another associate Ajit Singh Bubber, but Rajiv and his family members are authorised signatories. The remaining nine accounts are largely owned and operated by Rajiv, his family members and associates. Rajiv Saxena was deported by the UAE authorities on January 30 and the ED formally arrested him the next day and a court later granted his remand to the agency. He is currently undergoing custodial interrogation by the ED. The agency had in 2017...
Read more