MUMBAI, June 20 Indian refiner Essar Oil Ltd
said its board would meet on Monday to consider
delisting the company from the Bombay Stock Exchange Ltd and
National Stock Exchange of India Ltd.
This follows the delisting of its parent Essar Energy Plc
from the London Stock Exchange this month.
Essar Oil, a unit of India's diversified Essar Group, would
be delisted after founders buy the shares owned by the company's
public shareholders, it said a statement on Friday.
The public shareholders own 27.5 percent of Essar Oil, the
The delisting proposal is part of plans to take the energy
business of Essar Energy Plc private to provide increased
financial flexibility to support its business needs, it said.
Essar Energy Plc shares ceased trading on the London Stock
Exchange on June 10. The process of creating a private company
wholly-owned by Essar Global Fund Limited (EGFL) is set to be
completed by next month.
(Reporting by Sumeet Chatterjee. Editing by Jane Merriman)