Essar Oil to seek approval for raising US$ 2 billion

Essar Oil Ltd has announced that the Board of Directors of the Company at its meeting held on May 18, 2009, inter alia, has accepted the resignation tendered by Shri. Suresh Mathur, Non Executive Director on the Board.

The Board decided to seek approval of shareholders for extension of validity of enabling resolution passed at EGM held on February 28, 2008 for issue of further equity shares and / or convertible debentures and / or GDSs/ ADRs / FCCBs by way of public and / or private offering in domestic / international market(s) and / or qualified institutional placement for an amount not exceeding US$ 2 billion.

The stock was trading at Rs.159.95, up by Rs.4.35 or 2.80%. The stock hit an intraday high of Rs.168.50 and low of Rs.143.

The total traded quantity was 2268054 compared to 2 week average of 2006338.

Source : Equity Bulls

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