Essar Oil issues GDRs to promoters

Essar Oil Ltd has announced that pursuant to the approval granted by the shareholders at an Extraordinary General Meeting held on December 18, 2007 for issue of US$ 2000,000,000 (United States Dollars Two thousand million only) Global Depository Shares (GDSs) to Promoters on preferential issue basis, the Company on March 31, 2008 has issued and allotted first tranche of 34,227,018 equity shares of Rs 10/- each (face value) fully paid up at a price of Rs 200.00 per share in favour of the overseas Depository. The Bank of New York, which are represented by 223,706 GDSs aggregating to US$ 170.787 million. The GDSs have been subscribed by Promoter Company, Essar Energy Holdings Ltd for part financing the expansion of refining capacity and for other general corporate purposes.

The stock was trading at Rs.206.60, up by Rs.2.55 or 1.25%. The stock hit an intraday high of Rs.209.95 and low of Rs.203.50.

The total traded quantity was 1380124 compared to 2 week average of 7582835.

Source : Equity Bulls

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