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Shares of Essar Shipping, Port & Logistics will stop trading on the BSE with effect from May 18 on account of demerger.
“Essar Shipping, Port & Logistics Ltd (ESPLL) shall go in to No-Dealing Status with effect from May 18, 2011 on account of demerger, including the transfer and vesting of shipping and logistics business, oilfields drilling business into Essar Shipping Ltd,” the BSE said in a statement on Monday.
At present company is a constituent of BSE-200, BSE-500 and BSE Mid-Cap index.
Dish TV India Ltd would replace ESPLL from BSE-200, Prraneta Industries would be inducted in BSE-500 index.
However, the bourse has not mentioned any replacement for the mid-cap index.
Last week, ESPLL has completed the demerger process for hiving off the company in two listed entities — Essar Ports Ltd and Essar Shipping Ltd.
The company has fixed May 19 as the record date.
According to the agreement, for every three shares held of ESPLL, shareholders will get two shares of Essar Ports Ltd and one share of Essar Shipping Ltd. The Share Capital will be split in a ratio of 2:1.
On Tuesday, shares of ESPLL closed at Rs 95.60 on the BSE, up 1.92 per cent from the previous close.
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