Promoters bring down shareholding in Essar Ports; meet Sebi rules

Convert Global Depository Shares into equity shares

Port of Antwerp International UK Ltd has converted the Global Depository Shares (GDS) in Essar Ports, into equity shares, bringing down the promoter shareholding in the company down to 74.97%.

To meet the Sebi guidelines, Essar Ports also diluted 5.33% stake through Offer for Sale (OFS) earlier this year. The balance dilution has been achieved by the conversion of GDS held by the Port of Antwerp into equity shares.

In May last year, Essar Ports had sold 4% to Port of Antwerp for Rs 175 crore via a GDS issue.

The company said, "With this conversion, Essar Ports Limited is now in compliance of the Sebi minimum public shareholding requirement, with the Essar Group holding going down to 74.97%, and has intimated the Stock Exchanges and Sebi of the same."