Essar Shipping’ promoters have set the floor price for its proposed Offer for Sale (OFS) at Rs 19.50 per share, which is a discount of 3.23% to the closing price of Rs 20.15 of company’s stock as on May 29, 2013 on the BSE. The company proposes to sell about 1.78 crore shares via OFS, to meet the market regulator SEBI's directive on minimum public shareholding.
According to the new rules, founders of listed Indian companies cannot own more than 75% of the listed entity and the deadline for doing so is June end. Further, the OFS, which will take place at the separate window of BSE, will commence on May 30, 2013 and close on the same day.
Essar Shipping has an enviable track record of accident free/pollution free transportation. The company, through its operating track record of over 30 years has significant expertise in sea transportation and supply chain management services to steel industry, cement industry, refining industry, fertilizer industry and electricity generating companies.
| Company Name | CMP |
|---|---|
| Shipping Corpn. | 338.75 |
| GE Shipping | 1586.75 |
| Dredging Corp | 952.90 |
| Seamec | 1502.55 |
| Shreeji Ship.Global | 415.85 |
| View more.. | |
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