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In a bonanza for its minority shareholders, Essar Oil has said it will pay an additional ₹75.48 per share to ex-shareholders who tendered their holdings in an open offer.
Essar Oil was de-listed in December 2015 and shareholders were then offered ₹262.8.
SEBI diktatThe offer is being revised as market regulator SEBI had stepped in and said that the company will have to match the per-share de-listing price to the price per share at which Russian oil giant Rosneft bought a 49 per cent stake in Essar Oil.
The closure of the deal between Essar Oil and Rosneft was announced on Monday at an enterprise value of $12.9 billion.
Essar Oil said minority shareholders stand to get an additional ₹880 crore, taking the total payout to ₹3,944 crore from ₹3,064 crore.
The company said its additional payout was based on the price per share of ₹338.28 that it would be receiving upon completion of the deal.
There was a clamour for more disclosure from Essar with regard to the Rosneft deal when the shares were de-listed in 2015.
Proxy advisory firm SES had said that minority shareholders deserved between ₹94 and ₹125 more from Essar Oil in addition to the announced de-listing price of ₹262.
Around 2 per cent share in Essar Oil was held by retail investors while the rest was with the promoters.
A SEBI order in 2015 had directed Essar to pay the difference between the transaction price with Rosneft and the final de-listing price to those shareholders who tendered their shares in de-listing.
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