Business Daily from THE HINDU group of publications
Wednesday, Nov 08, 2006
ePaper
Business Daily from THE HINDU group of publications Wednesday, Nov 08, 2006 ePaper |
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Corporate
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Outlook Markets - Stocks Our Bureau
Mumbai , Nov. 7 Essar Group has wrapped up the process of de-listing of its US-based subsidiary, Aegis Communication, from the OTC BB of NASDAQ through a short-term merger process at a total equity valuation of $57.4 million. Aegis, which is engaged in in-bound call centre operations, has a network of centres across India and the US, with a total of 7,000 seats. Sources said Essar decided to de-list the company, as a little portion of its equity, about six to seven per cent, was in the retail segment, the rest being held by Mauritius-based World Focus, a subsidiary of the Indian company. Other factors like low trading volumes, cost of public filings and the threat of data leakage to competitors prompted Essar to de-list the company. When contacted, a spokesman of Essar Group confirmed the development, but refused to divulge any details. According to the sources, with the de-listing process being completed, Essar would be picking up the retail equity to complete the de-listing soon.
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