Essar Oil allots equity shares on preferential basis at Rs 200

Essar Oil Ltd has announced with reference to the earlier announcement dated December 18, 2007 about 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, that the Company on July 22, 2008, has issued and allotted second tranche of 27,771,948 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 181,516 GDSs aggregating to US$ 129.418 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.

This allotment is pursuant to letters from stock exchanges granting in-principle approval for issue and allotment of equity shares to be allotted towards the issue of GDSs aggregating to US $2000 million.

Source : Equity Bulls

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