Essar Capital to buy India Securities shares

Essar Capital Ltd is planning to buy shares worth Rs 1,358 crore in India Securities Ltd (ISL) from the Public, which currently holds 25.02 per cent of equity capital in ISL. Essar Capital already holds 74.98 per cent of ISL's Equity Capital. Essar Capital said it fixed exit price, for the public shareholders, as Rs 62 and planning to buy 219,150,060 equity shares. The buyback comes after ISL’s wholly owned subsidiary, ETHL Communications Holdings Ltd entering into definitive agreement on July 1, 2011, for sale of entire stake held by it in Vodafone Essar Ltd to Vodafone Group or its nominees for a consideration of $ 1.26 billion.