 "Essar Ports, Essar Shipping soars on board nod for delisting proposal")
Shares of Essar Group firm like Essar Ports and Essar Shipping has rallied up to 20% after the board of directors of these companies approved the delisting of company’s shares from the stock exchanges.
Essar Shipping surged 20% to Rs 23.70, while Essar Ports zoomed 15% to Rs 105 in intra-day trade on BSE. The counters has seen huge trading activity with trading volumes more than doubled compared to average trading volumes in past two-weeks on BSE and NSE.
In a filing to BSE, Essar Ports said it has received an approval from the promoter group companies including Essar Shipping and Logistics, Essar Projects (India), Essar Steel India, Imperial Consultants and Securities Pvt. Ltd and Essar Global Fund to acquire 107.11 million shares or 25.03% of the company’s shares held by the public shareholders. These promoters collectively own 74.97% stake in Essar Ports.
In Essar Shipping, the promoters group held 75% stake, while the remaining 25% stake held by the public shareholders.
Both companies will seek the consent of the shareholders for the delisting proposal through a postal ballot and e-voting.
Essar Shipping surged 20% to Rs 23.70, while Essar Ports zoomed 15% to Rs 105 in intra-day trade on BSE. The counters has seen huge trading activity with trading volumes more than doubled compared to average trading volumes in past two-weeks on BSE and NSE.
In a filing to BSE, Essar Ports said it has received an approval from the promoter group companies including Essar Shipping and Logistics, Essar Projects (India), Essar Steel India, Imperial Consultants and Securities Pvt. Ltd and Essar Global Fund to acquire 107.11 million shares or 25.03% of the company’s shares held by the public shareholders. These promoters collectively own 74.97% stake in Essar Ports.
In Essar Shipping, the promoters group held 75% stake, while the remaining 25% stake held by the public shareholders.
Both companies will seek the consent of the shareholders for the delisting proposal through a postal ballot and e-voting.