Essar Steel Delisting : Buy back price fixed at Rs 48 per share

Essar Steel today in an annoucement made to the stock exchanges has informed that the buy back price for its delisting has been fixed at Rs. 48 per share. Promoters of the company will buy shares from the public for a period of 6 months from the date of the Delisting approval by the BSE and NSE for which the company has applied.

Essar Steel Shares, once the approval is received from the Exchanges will not be traded on both BSE and NSE exchanges. As per the delisting norms, a company needs to hold 90% stake in the total public equity shares.

Essar Steel stock price closed today at Rs 51, down 12.97 % on the BSE.