Essar Oil, on Wednesday, said its promoter was seeking to convert FCCBs, aggregating to $262 million, into equity shares. Its promoter, Essar Energy Holdings, would be allotted 3.88 crore equity shares at Rs.138 per share on conversion of 1,150 foreign currency convertible bonds (FCCBs) of $100,000 each aggregating to $115 million, which were issued on June 2010.

The company will also allot 4.50 crore equity shares at Rs.153 per share on conversion of 1,470 FCCBs of $100,000 each aggregating to $147 million, which were issued on July 9, 2010, to Essar Energy Holdings. — PTI