Essar Oil Promoters to hike stake

With reference to the news items appearing in a leading financial daily titled "Essar Oil Promoters to hike stake" wherein it has been mentioned that "The Essar Group has tried to delist two other listed companies - Essar Shipping and Essar Steel earlier this year without much success", Essar Steel Ltd has clarified about the following facts:

- The reverse book building process under the delisting offer has already been completed and the discovered price is Rs 48/- per equity share.

- The entire process has been carried out in compliance with the relevant SEBI Laws and Stock Exchange Guidelines.

- The Company has already applied for to BSE and NSE for delisting of the equity shares.

- Upon receipt of approval for delisting the shares will not be available for trading on the both the stock exchanges.

- As required under SEBI Delisting Guidelines Promoters of the Company will continue to buy shares from the members for a period of six months at the discovered price of Rs 48 per equity share after the delisting approval.