Essar Energy plc’s 100 per cent subsidiary Essar Energy Holdings Ltd. Mauritius (EEHL) has agreed to purchase 32,947,191 shares in Essar Oil, representing a 2.41 per cent interest (including Global Depository Securities) from Imperial Consultants and Securities for Rs.267.23 crore at Rs.81.11 per share.
“The acquisition is pursuant to a call option agreement entered into with Essar Investments Ltd., which subsequently demerged its investment division to Imperial. The call option agreement was entered into on April 6, 2010 (and amended subsequently),” Essar Energy said in a statement.
EEHL has the option to purchase a further 6,215,026 shares in Essar Oil, representing a 0.46 per cent interest (including GDS) from Imperial.
This option will expire on June 30, 2014.