Paving the way for Essar Oil's de-listing plans, SEBI has allowed LIC to tender shares of the company which could not be completed earlier due to a technical snag.

Essar Oil Ltd's de-listing offer received a total of 10.10 crore shares against requirement of 9.26 crore shares at a Reverse Book Build discovered price of Rs 262.80 . The price is Rs 116.75 rupees over and above, 80 per cent premium, the floor price of Rs 146.05.

While the Promoters have got more than the desired minimum no of shares for successful de listing - it can we observed from BSE web site that one large institutional bid for 1.99 crore shares is still appearing in the "yet to be confirmed category".

It's understood that the bid belonged to Life Insurance Corporation whose bids came in through their brokers just after 2.40 pm and it was also confirmed by their custodian Stock Holding Corporation Ltd. by transferring the requisite shares to the Pool Account in the National Depository before 3.30 pm, the closing time.

However the aforesaid confirmation did not get reflected on the Stock Exchange platform before the closing at 3.30 pm.

The exchange had referred the case to SEBI for further action which now stands approved by the market regulator, according to sources in the know.

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