Essar Shipping gets shareholders' nod to delist

Ruias-promoted Essar Shipping has received its shareholders approval to delist its shares from the Bombay Stock Exchange (BSE).

According to a release issued by the company to the BSE, Essar Shipping and Logistics (ESLL), the largest shareholder and promoter of Essar Shipping, drove the delisting initiative.

ESLL had earlier said it intended to delist the shares of Essar Shipping through the voluntary delisting method and would announce a exit price payable to the shareholders after taking their consent. ESLL and the promoter group currently hold around 76% stake in Essar Shipping.