Essar Energy exercises option to acquire stake in Essar Oil
Essar Energy's wholly-owned subsidiary, Essar Energy Holdings, has agreed to acquire 32.95m shares in Essar Oil, equal to a 2.41 per cent stake.
Essar Energy's wholly-owned subsidiary, Essar Energy Holdings, has agreed to acquire 32.95m shares in Essar Oil, equal to a 2.41 per cent stake.
The acquisition follows a call option agreement which it entered into with Essar Investments.
The option was exercised at Rs 81.11 per share for a total consideration of $48.65, using available funds.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
"Essar Energy's decision to exercise the option was driven by its desire to consolidate non-public holdings of Essar Oil," the group said.
Essar Energy's share price was up 0.5% at 143p by 13:00 Monday.
NR
Get the latest financial news, insights and expert analysis from our award-winning MoneyWeek team, to help you understand what really matters when it comes to your finances.
MoneyWeek is written by a team of experienced and award-winning journalists, plus expert columnists. As well as daily digital news and features, MoneyWeek also publishes a weekly magazine, covering investing and personal finance. From share tips, pensions, gold to practical investment tips - we provide a round-up to help you make money and keep it.
-
Six investment funds for beginners
Beginner investors can use funds to start building their portfolio, making it easy to access global trends while managing their risk level. Here’s six funds that beginner investors can consider.
-
Farming isn't for the faint-hearted – and isn't profitable
Opinion Farming may look appealing, but turning a profit is extremely hard. No wonder many farmers are attracted to the Sustainable Farming Incentive, says Max King