Essar Oil surged 11.14% to Rs 205.60 at 11:41 IST on BSE after Securities Exchange Board of India granted relaxations of timelines sought by the company to complete activities pertaining to its proposed delisting.
Meanwhile, the S&P BSE Sensex was down 261.04 points or 0.99% at 26,004.20
On BSE, so far 4.78 lakh shares were traded in the counter as against average daily volume of 2.64 lakh shares in the past one quarter.
The stock hit a high of Rs 210.80 and a low of Rs 197.55 so far during the day. The stock had hit a 52-week high of Rs 211.15 on 11 August 2015. The stock had hit a 52-week low of Rs 91.85 on 27 November 2014.
The stock had underperformed the market over the past one month till 6 November 2015, falling 5.66% compared with 2.48% decline in the Sensex. The scrip had also underperformed the market in past one quarter, sliding 7.55% as against Sensex's 7.18% decline.
The large-cap company has equity capital of Rs 1512.05 crore. Face value per share is Rs 10.
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The market regulator Securities and Exchange Board of India (Sebi) on Friday, 6 November 2015 granted relaxation from delisting norms to Essar Energy Holdings on the imminent takeover of its subsidiary Essar Oil by Rosneft.
Sebi has directed Essar Oil to match its delisting price with that being paid by Rosneft for a 49% stake in the company. By the Sebi order, the promoters will pay the price discovered in the reverse book building offer or Rosneft's price, whichever is higher. The order shall come into force with immediate effect, Sebi said.
Essar Oil's proposal to delist was approved by its shareholders in August 2014. The floor price was set at Rs 108.15. Since the delisting process had been held up by the approvals required from stock exchanges, capital market regulator Sebi relaxed the norms for the company, in an order issued on 6 November 2015, and extended the time frame for delisting by two months. However, the floor price must be revised accordingly, Sebi said.
Essar Oil's net profit fell 14.1% to Rs 201 crore on 39.7% decline in total income to Rs 13734 crore in Q2 September 2015 over Q2 September 2014.
Essar Oil is a fully integrated oil & gas company of international scale with strong presence across the hydrocarbon value chain from exploration & production to refining and oil retail.
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