Essar Ports today said that its promoters have cut their stake to below 75 per cent to meet the SEBI’s minimum public float norms, after its partner Port of Antwerp International converted global depository shares into equity shares.

After the conversion, the promoters’ holding in Essar Ports stands at 74.97 per cent, the company said in a statement.

The England-based Port of Antwerp International is a subsidiary of the Port of Antwerp.

Essar Ports had earlier announced the successful completion of its offer-for-sale process for sale of equity shares, aggregating 5.33 per cent of its paid-up share capital.

Essar Ports has a current capacity of 104 mt per annum, which is being expanded to 181 mt over the next few years.

It has three operational terminals at Hazira, Vadinar and Paradip and is developing a 14-mt coal terminal at the Paradip port, apart from setting up a 20-mt dry bulk terminal at Salaya in Gujarat.

It also plans to expand its Hazira capacity by 20 mt to 50 mt, apart from the one in Visakhapatnam Port.