March 17 FTSE said on Monday a deadline for
Essar Energy Plc to meet the minimum free-float rule
would remain suspended pending the outcome of a buyout offer
from the company's largest shareholder.
Essar Global Fund, which holds 78 percent in Essar Energy,
on Friday went ahead with its indicative offer of 70 pence per
share for the stake it did not already own in the London-listed
oil and gas company.
According to FTSE's new rules for listing which came into
effect in 2012, companies have to maintain a minimum 25 percent
from the earlier threshold of 15 percent of shares that can be
freely traded to be able to join the FTSE UK index series.
Essar Global Fund had earlier planned to sell Essar Energy
shares to dilute its stake to meet the new listing norms.
Essar Energy's shares closed down 3.3 percent at 64.35 pence
on the London Stock Exchange.