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The boards of directors of Essar Ports and Essar Shipping have approved a proposal they received from Essar Shipping & Logistics, one of the promoters, to delist shares from the BSE and the NSE.
While Essar Ports jumped 11.21 per cent at Rs 102.15, Essar Shipping zoomed 18.85 per cent at Rs 23.35 on the NSE, following the announcement.
Essar Shipping & Logistics Ltd seeks to acquire 10.71 crore shares, representing 25.03 per cent stake in Essar Ports.
Both the companies, however, did not disclose the price at which the promoter is planning to acquire the shares.
Both the companies now plan to seek their shareholders’ nod through postal ballot.
Earlier, in May, both the companies, in a disclosure to the exchanges, had denied any such plans.
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