Essar Group to pay additional Rs. 880 cr to ex-EOL shareholders
22 Aug 2017 10:41 PM IST
Mumbai: The Essar Group on Tuesday said it will pay an additional Rs 75.48 per share to Essar Oil's ex-shareholders, who tendered their shares at the open offer in the run-up to the delisting of the company that was sold to the Russian giant Rosneft on Monday for $12.9 billion.
"Essar Oil public shareholders to receive an additional Rs 880 crore or Rs 75.48 per share over delisting price taking the total payout to Rs 3,944 crore from Rs 3,064 crore," the group said in a statement.
The decision follows its public announcement on Monday and is also pursuant of the Sebi's direction. Former minority shareholders, who had tendered EOL shares in the delisting Offer of February 2015, will receive the differential amount of Rs 75.48 for every share tendered.
This is the additional payout over and above the price of Rs 262.80 per share paid to shareholders at the time of delisting on the basis of equity price per share of Rs 338.28 received by Essar upon completion of the deal, the company said.
It can be noted that in the largest FDU deal in the country, the Essar Group had on Monday concluded sale of its crown jewel Essar Oil and the adjacent to captive 58 million tonne oil terminal, a 1,010-mw power plant and over 3,500 fuel outlets to the Russian government-controlled Rosneft for an enterprise valuation of $12.9 billion.
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