Essar Oil plans to delist shares

Essar Oil Ltd has announced that the Company has received a letter dated January 25, 2007 from Essar Energy Holdings Ltd (EEHL), a promoter shareholder of the Company intending to delist the shares of the Company from the Bombay Stock Exchange Ltd and National Stock Exchange of India Ltd.

At present, EEHL together with Persons Acting in Concert (PAC) holds 217,981,874 equity shares and 5,126,708 Global Depository Shares representing 784,386,324 shares aggregating to 87.96% of the total equity share capital of Company.

The Company have also been requested to convene a Board Meeting of the Company to discuss the matter and obtain consent of equity shareholders for the purpose voluntary delisting of its equity shares in accordance with the SEBI (Delisting of Securities) Guidelines, 2003.

The Company has further announced that a meeting of the Board of Directors of the Company will be held on January 30, 2007 to consider the above matter.

Source : Equity Bulls

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