Shares of Essar Oil surged over 15 per cent today after capital market regulator SEBI gave more time to the promoter of the company to finalise the delisting offer.
The stock soared 15.27 per cent to Rs 213.25 — its 52-week high — on the BSE. On the NSE, the stock jumped 15.32 per cent to touch a one-year peak of Rs 213.70.
Providing certain relaxations, SEBI had on Friday gave more time to the promoter of Essar Oil to finalise the delisting offer.
While directing the company to expeditiously make the public announcement about the delisting, the market watchdog said the same price of proposed deal with Russia’s Rosneft should be offered to the public shareholders.
Shareholders of Essar Oil had approved the delisting proposal on August 6, 2014 while in-principle approvals from NSE and BSE were received on July 3, 2015 and July 15, 2015, respectively.
SEBI’s order, issued on an application seeking certain relaxations filed by Essar Oil’s promoter Essar Energy Holdings Ltd, said it should expeditiously make the public announcement about the delisting.