Essar Oil to raise US$750 million

Essar Oil Ltd has announced that the Board of Directors of the Company at its meeting held on August 30, 2007, inter alia, has transacted the following:

1. Decided to seek approval of the members by passing an enabling resolution at the ensuing AGM for issue of FCCBs/GDRs/ADRs or other convertible financial instruments outside India on preferential issue basis for an amount not exceeding US $750 million.

2. Decided to convene the 17th Annual General Meeting of the Company on September 29, 2007 and approved the draft of the Notice calling for the AGM.

Source : Equity Bulls

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