Essar Steel applies for delisting

Essar Steel has applied to the BSE and NSE for delisting its equity shares.

According to a release issued by the company to the BSE today, the reverse book-building process under the delisting offer has already been completed, and the discovered price is Rs 48 per equity share.

"The entire process has been carried out in compliance with the relevant Sebi laws and stock exchange guidelines. Upon receipt of approval for delisting, the shares will not be available for trading on both the stock exchanges," the release added.

As required under Sebi Delisting Guidelines, the promoters of the company will continue to buy shares from the members for a period of six months at the discovered price of Rs 48 per equity share after the delisting approval, the release said.