India's Essar to pay $1.18/share to minority shareholders
8/22/2017 9:10:42 AM
NEW DELHI (Reuters) — India's Essar Group will pay $1.18 apiece to the minority shareholders who tendered Essar Oil shares under a delisting offer ahead of the company's sale to a consortium led by Russian oil major Rosneft, the company said.
India's Essar Group on Monday closed the $12.9 B deal to sell 98.26% stake in Essar Oil to a consortium of Rosneft, trader Trafigura and Russian fund UCP.
The group will pay an additional 8.80 B rupees to minority shareholders, as under the deal shares are valued at 338.28 rupees apiece, it said in a statement.
Reporting by Nidhi Verma; Editing by Biju Dwarakanath
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