Essar Shipping to consider delisting of shares

Essar Shipping Ltd has announced that the Company has received a letter dated December 01, 2006 from Essar Shipping & Logistics Ltd (ESLL) a, major promoter shareholder of the Company intending to delist the shares of Company from the Bombay Stock Exchange Ltd.

As of the date hereof, ESLL together with its 100% subsidiary holds 53,447,590 equity shares comprising 12.54% and 376,000 Global Depository Shares representing 124,456,000 shares comprising 29.21% totaling up to 177,903,590 shares comprising 41.75% in the paid up equity capital of the Company. ESLL together with its persons acting in concern holds 76.30% of the total equity share capital of Company.

The Company has also been requested to convene a board meeting of the Company to discuss the matter and obtain consent of equity shareholders for the proposed voluntary delisting of its shares in accordance with the SEBI (Delisting of Securities) Guidelines, 2003.

Accordingly, the Company has called for a board meeting of the Company to be held on December 02, 2006 to take up the above matter.

Source : Equity Bulls

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