Essar Oil arm raises funds

Essar Oil Ltd has announced that Vadinar Power Company Ltd (VPCL), subsidiary of the Company, has raised additional equity to part finance its expansion project for increasing its power generation capacity.

Due to the increase in paid-up capital of VPCL the percentage shareholding of Essar Oil Ltd. in VPCL has reduced from 53.24% to 26.01% and consequently VPCL has ceased to be a subsidiary of the Company.

The stock closed the day at Rs.148.90, down by Rs.2.40 or 1.59%. The stock hit an intraday high of Rs.154.80 and low of Rs.146.55.

The total traded quantity was 1619737 compared to 2 week average of 3046437.

Source : Equity Bulls

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