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Our Bureau

Mumbai, Nov 15

Essar Oil Ltd proposes to make a preferential offer of securities or warrants to promoters.

The company’s board is meeting on Friday to consider the proposal, the company has informed stock exchanges.

Promoters currently hold about 88 per cent in the company, which is operating a 7.5 million oil refinery in Vadinar in Gujarat.

The company would be raising additional funds for the expansion of planned refinery capacity of 10.5 million tonnes per annum to 16 mtonnes per annum by 2009.

Current refining capacity is of 7.5 mt and by year-end, it would reach 10.5 mt.

The refinery is configured to produce Euro II and Euro III grades of petrol and diesel. With mid-stream upgradation of processes and technologies, the refinery will have the capability to process the most sour, acidic and heavy crude.

The company’s share price has more than doubled in the past one week.

The share closed at Rs 157.65 on BSE on Thursday, up from the previous close of Rs 120.80.

Earlier, Essar had announced its plan to de-list the group companies Essar Steel and Essar Shipping.

More Stories on : Preferential Allotments | Petroleum

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