Essar Steel plans to delist shares from BSE & NSE

Essar Steel Ltd has announced that the Company have received a letter from Essar Steel Holdings Ltd (ESHL), a major promoter shareholder of the Company intending to delist the shares of company from the Bombay Stock Exchange Ltd and National Stock Exchange of India Ltd.

At present, ESHL together with Persons Acting in Concert (PAC) holds 992,586,994 equity shares aggregating to 87.08% of the total equity share capital of Company.

The Company have also been requested to convene a Meeting of the Board of Directors of the Company to discuss the matter and obtain consent of equity shareholders for the proposed voluntary delisting of Company's equity shares for the proposed 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 29, 2007 to consider the above matter.

Source : Equity Bulls

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