Essar Oil board approves delisting from BSE and NSE

MUMBAI Mon Jun 23, 2014 9:14am IST

Employees walk past an Essar Group logo outside their headquarters in Mumbai May 20, 2013. REUTERS/Vivek Prakash/Files

Employees walk past an Essar Group logo outside their headquarters in Mumbai May 20, 2013.

Credit: Reuters/Vivek Prakash/Files

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MUMBAI (Reuters) - 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)

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