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Essar Ports Ltd has informed BSE that it will voluntarily delist its equity shares at Rs 133 per share.
In a BSE filing, the company said, “The price discovered pursuant to tendering in the reverse book building process in terms of the delisting regulations is Rs 133 per equity share (“exit price”). The promoter has accepted the exit price as the final price for the delisting offer.
The delisting is pursuant to the Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2009, as amended.
Last year, the Essar Group board approved delisting of Essar Shipping and Essar Ports from the bourses, citing lack of investor appetite and the promoter group’s need for increased flexibility. It had earlier set the price at Rs 90.5 a piece.
On Friday, the company submitted an update received from the promoter in relation to the proposed delisting of equity shares of the company.
Essar Ports shares were trading marginally up at Rs 128.10 on the BSE at 11 am on Friday.
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