May 9 Essar Energy Plc's majority
stakeholder won shareholder approval to buy the company after
other investors with a stake of 8.29 percent tendered their
shares in favour of the offer.
Essar Global Fund Ltd (EGFL), which owns about 78 percent of
the India-focused resources company, in March offered 70 pence
for each share it does not already own.
The valid acceptances from other shareholders effectively
paves the way for EGFL, in which brothers Shashi and Ravi Ruia
are beneficiaries, to delist Essar Energy despite opposition
from minority shareholders.
EGFL said on Friday it was extending its offer to May 23
from May 9 to those shareholders and bondholders who had not yet
tendered in their securities.
Essar Energy said its independent committee set up to
examine the offer would make an announcement in due course.
(Reporting by Karen Rebelo in Bangalore; Editing by Savio