Essar Shipping approves cancellation and allotment of shares

Essar Shipping Ports & Logistics Ltd has announced with reference to the earlier announcement dated January 29, 2009, that the Re-organisation Committee of the Board of Directors at its meeting held on March 20, 2009, have in terms of the aforesaid Scheme approved the cancellation of 50,843,376 equity shares held by India Shipping, Transferor Company No. 1, Cancellation of 124,456,000 equity shares represented by 376,000 Global Depository Shares held by India Shipping, Transferor Company No. 1 and allotment of 364,905,489 equity shares of the Company to the shareholder(s) of India Shipping, Transferor Company No. 1.

The stock was trading at Rs.30.50, down by Rs.1.75 or 5.43%. The stock hit an intraday high of Rs.32 and low of Rs.29.40.

The total traded quantity was 363220 compared to 2 week average of 93099.

Source : Equity Bulls

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