Shares of Essar Shipping, Port & Logistics (ESPLL) will stop trading on the Bombay Stock Exchange (BSE) with effect from May 18 on account of demerger.
"ESPLL shall go in to No-Dealing Status with effect from May 18, 2011 on account of demerger, including the transfer and vesting of shipping and logistics business, oilfields drilling business into Essar Shipping," the BSE said in a statement today.
At present, company is a constituent of BSE-200, BSE-500 and BSE Mid-Cap index.
Dish TV India would replace ESPLL from BSE-200, Prraneta Industries would be inducted in BSE-500 index. However, the bourse has not mentioned any replacement for the mid-cap index.
Last week, ESPLL has completed the demerger process for hiving off the company in two listed entities -- Essar Ports and Essar Shipping.
Post demerger, ESPLL will become Essar Ports and the Shipping, Logistics and Oilfield businesses will be spun off into a separate company called Essar Shipping.
The company has fixed May 19 as the record date.
As per the agreement, for every three shares held of ESPLL, shareholders will get two shares of Essar Ports and one share of Essar Shipping. The share capital will be split in a ratio of 2:1.
Shares of ESPLL closed at Rs 93.80 on the BSE, down 5.63% from the previous close.
