August 22, 2017 / 9:28 AM / a year ago

India's Essar to pay $1.18/share to minority shareholders: statement

NEW DELHI (Reuters) - India’s Essar Group will pay 75.48 rupees ($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 (ROSN.MM), the company said.

The logo of Essar group is seen at its headquarters in Mumbai, India August 21, 2017. REUTERS/Danish Siddiqui

India’s Essar Group on Monday closed the $12.9 billion deal to sell 98.26 percent stake in Essar Oil to a consortium of Rosneft, trader Trafigura and Russian fund UCP.

The group will pay an additional 8.80 billion 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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