Business Daily from THE HINDU group of publications
Friday, Dec 07, 2007
ePaper | Mobile/PDA Version
Business Daily from THE HINDU group of publications Friday, Dec 07, 2007 ePaper | Mobile/PDA Version |
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Markets
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Stocks Our Bureau Mumbai, Dec. 6 Essar Steel shares on Thursday rose 20 per cent to Rs 71.10 from its previous close of Rs 59.25 on the Bombay Stock Exchange. Over 31 lakh shares were traded on BSE on Thursday, which is 30 per cent higher than the two weeks’ average volume. The stock exchange had suspended trading in the scrip from Thursday following the company’s decision to de-list its shares. However, Securities Appellate Tribunal stayed the suspension of trading on Wednesday on admitting a complaint from a shareholder. The company had fixed the exit price at Rs 48 a share as per the SEBI guidelines and completed the de-listing formalities, said a company official. According to reports, the shareholder has complained to SAT that the exit price offered by the company (Rs 48) is not a fair price. A company spokesperson said that over 91 per cent shareholders have tendered their shares in the reverse book-building process. Essar Steel in statement said that “the company has completed the delisting formalities pursuant to the SEBI (Delisting of Securities) Guidelines 2003 in an open and transparent manner”. More Stories on : Stocks | Steel
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