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Q.

Please let me know when Essar Steel Ltd will relist its shares

cm pillai

Asked by Chandramohanan Pillai, 03 Mar '09 09:29 pm
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Answers (4)

1.

The much-awaited consolidation of the domestic business operations of Essar Steel is finally complete, with the court approvals coming in and the debt from four different legal entities getting consolidated into a single company last week.
ESL has a current capacity of 8.6 million tonnes which they plan to raise to 14 mt by 2011-12. The ultimatum aim is to take the groups combined steel making capacity to 25 mt. ESL had also purchased Shree Precoated Steels Ltd, a 1.2-mt downstream steel rolling and galvanising plant, for Rs 900 crore. Essar Global, owned by group chairman Shashi Ruia and his younger brother, vice-chairman Ravi Ruia, owns 93 per cent of ESL after they bought back shares from other shareholders in 2007. Public shareholders who did not subscribe to the two buy-back offers own seven per cent in the company.
"A relisting cannot be ruled out. It may not be immediate, but these are the first definitive signals towards that. It can be in the LSE (London Stock Exchange) or ...more
Answered by rajeev gupta, 02 Sep '10 03:16 pm

 
  
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2.

Essar Steel Holdings Limited delisted of Essar Steel Limited. The Essar Steel delisting price which was determined by the reverse book building process where shareholders bid on the delsiting price is Rs. 48 per share of face value Rs 10 each. This announcement was made by Edelweiss Capital Limited which is the Manager to the Delisting Offer. The minority shareholders of Essar Steel Limited have two options. They can choose to surrender their shares to Essar Steel Holdings Limited for Rs. 48 per share or they can choose to hold on to the shares of Essar Steel Limited, which will be delisted and hence not traded on the stock exchanges. The risk with choosing the latter option is the lack of liquidity after delisting. Shareholders might not be able to sell the shares of Essar Steel Limited at all and may be struck with them for eternity. However, these shareholders will continue to enjoy all shareholder rights such as voting rights and right to receive dividend along with other benefits ...more
Answered by ashutosh, 17 Aug '09 05:21 pm

 
  
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3.

Till now no such news
Answered by Raghesh Mony, 03 Mar '09 09:58 pm

 
  
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