Essar Oil to seek approval to raise $1.7bln

- March 26th, 2010

On Thursday, it was reported India’s Essar Oil (ESRO.BO) would seek shareholders’ approval next month to raise up to $1.7 billion to finance its expansion plans, while its unlisted parent said it had agreed to buy coal mines in Indonesia.

On Thursday, it was reported India’s Essar Oil (ESRO.BO) would seek shareholders’ approval next month to raise up to $1.7 billion to finance its expansion plans, while its unlisted parent said it had agreed to buy coal mines in Indonesia.

The press release is quoted as saying:

Essar Oil had passed a resolution in December 2007 to raise up to $2 billion either through convertible bonds, or global or American depositary shares, and it later issued $300 million worth of global depositary shares.

Click here to access the entire press release

Click here to access Essar Oil Corporate Site

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