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Essar Ports Ltd has started trading on the bourses after the completion of demerger of Essar Shipping, Ports and Logistics Ltd.
The stock closed with sharp gains from the opening price.
The stock today opened at Rs 75 on Tuesday and closed the day at Rs 122 taking its market capitalisation to approximately Rs 5,000 crore on the BSE.
According to the demerger plan, Essar Shipping will become Essar Ports Ltd.
The shipping, logistics and oilfield drilling businesses of the erstwhile entity will be spun off into a separate company called Essar Shipping Ltd.
The company has retained 50 per cent of the original entity's debt (Rs 4,500 crore).
The demerger process of Essar Shipping that began in August 2010 was completed in May and Essar Shipping share capital was split 2:1 — for every 3 shares of Essar Shipping; shareholders got two shares of Essar Ports and one share of Essar Shipping.
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