MUMBAI Refiner Essar Oil Ltd on Monday said its board had approved delisting of shares from the BSE Ltd and National Stock Exchange of India Ltd.
Essar Oil, a unit of the diversified Essar Group, said its board met on Sunday to decide on the proposal.
The move is part of Essar Oil's plans to take the energy business of Essar Energy Plc private to provide increased financial flexibility to support its business needs.
On Friday, the company said the delisting would take place after its founders buy the 27.5 percent of Essar Oil that is owned by public shareholders.
(Reporting by Zeba Siddiqui in Mumbai; Editing by Anand Basu)
Trending On Reuters
Next year, Dr. Ketan Desai is slated to head the World Medical Association (WMA), guardian of the Hippocratic Oath. The WMA is standing by him, even as he battles conspiracy allegations in two Indian courts. Desai has been facing allegations that he conspired in 2009 to have the Medical Council recommend that a private medical college be allowed to add more students. Full article