Power News We love to talk!

MAR 18 2014

FTSE keeps Essar Energy's minimum free-float deadline suspended

  • Economic Times, ET Bureau / Hyderabad
  • Created: Tue 18th MAR 2014

FTSE said on Monday a deadline for Essar Energy Plc to meet the minimum free-float rule would remain suspended pending the outcome of a buyout offer from the company's largest shareholder.
Essar Global Fund, which holds 78 percent in Essar Energy, on Friday went ahead with its indicative offer of 70 pence per share for the stake it did not already own in the London-listed oil and gas company.


According to FTSE's new rules for listing which came into effect in 2012, companies have to maintain a minimum 25 percent from the earlier threshold of 15 percent of shares that can be freely traded to be able to join the FTSE UK index series.


Essar Global Fund had earlier planned to sell Essar Energy shares to dilute its stake to meet the new listing norms.
Essar Energy's shares closed down 3.3 percent at 64.35 pence on the London Stock Exchange.

Tags

Essar Electric Power Development Corporation Limited Energy Essar Energy Essar Essar Steel Essar Oil Ltd.

Related News

  • Pradhan meets US Secy of Energy to review bilateral energy cooperation  Read more
  • India needs $100 billion energy boost to meet demand annually: IEA's Fatih Birol  Read more
  • Diesel price to rise 50p/month; LPG cylinder cap set at 9/year  Read more
  • Tata Power to raise $560 mn abroad  Read more
  • H-Energy gets nod to lay Maharashtra-Mangalore gas pipeline  Read more
  • NTPC power plants face Bhel equipment woes  Read more
  • Essar Oil employee arrested in document leak case  Read more
  • Encourage members to increase renewables in energy mix: R K Singh to IEA  Read more
  • India, World Bank ink $98 million loan pact for renewable energy  Read more
  • SC refuses relief to Essar, Welspun  Read more