Essar Oil stock hits upper circuit on delisting offer

Shares of Essar Oil on Thursday soared by five per cent to hit the maximum permissible limit of the day, after the company announced floor price for a proposed offer to delist it from the stock market.

The stock rose 4.97 per cent to hit its upper circuit limit of Rs 112 with a significant rise in trade volumes as well.

Shares of Essar Oil have been on an upswing in past few days after its promoter Essar Energy Holdings Ltd announced a voluntary delisting offer for the company.

In this regard, the company announced on Thursday morning that it has now received a certificate computing the floor price for the delisting proposal, which has been issued by an entity engaged by the promoters in this regard.

Based on the certificate, a floor price of Rs 108.18 has been set for the proposed delisting.