Essar Oil to seek approval to raise $1.7bln

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.

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Click here to access Essar Oil Corporate Site