Essar Oil delisted

MUMBAI: Essar Oil, India’s second biggest private refiner, said on Wednesday it had completed delisting from local bourses in return for a INR 37.45 billion payout to minority shareholders. Essar Oil minority shareholders will get INR 262.80 a share, representing a 2.3 per cent premium to the stock’s closing price on Tuesday but an 80 per cent premium to the INR 146.05 floor price it set earlier this month. The transaction would value Essar Oil at INR 380 billion, Oil Bidco (Mauritius) the promoter of Essar Oil said in a statement. Essar Group, controlled by the billionaire Ruia brothers, has secured a $330 million loan from Russian bank VTB to delist shares in Essar Oil, two sources familiar with the matter said earlier this month.