MUMBAI: The Ruias-controlled Essar Ports Ltd will cease to exist as a publicly traded company as its promoters have successfully delisted the firm.
JM Financial Institutional Ltd, manager to the delisting process, on Tuesday said that the delisting offer would be deemed to be successful. The delisting price was fixed at Rs.133 a share.
Essar Ports, one of the largest private sector port companies in India by capacity and cargo traffic,had originally fixed the delisting price at Rs.90.50 and later revised it to Rs.93.50.
However, that price was again revised to Rs.133 last week.
Shares of Essar Ports gained 0.51% to Rs.129.20 on Tuesday on the BSE, while the benchmark Sensex gained 0.41% to close at 25,864.47 points.
“The total outgo of the Essar Ports for delisting is around Rs.1,400 crore. The company has already made the necessary payments to shareholders. The final approval for delisting from the stock exchanges is expected in the next 15 days,” said a person close to the development. He declined to be named.
Public shareholders held 25.06% in share capital in Essar Ports.
“The promoter has accepted the discovered price of Rs.133 per equity share as the final price for the delisting offer. This delisting offer would be deemed to be successful only if a minimum number of 64,483,777 offer shares were tendered and acquired as of the date of the public announcement, which have now increased to 64,649,498 offer shares on the account of issuance of equity shares,” the company informed the stock exchanges.
