Essar Shipping Mauritius to increase stake in Essar Shipping Limited

Essar Shipping Mauritius Holdings Limited (ESMHL) announced its intention to acquire an additional 10.34% equity stake in Essar Shipping Limited (ESL) from IDH International Drilling Holdco Limited. This acquisition involves 21,406,365 equity shares at a price of INR 25.91 per share and is structured as an 'inter-se' transfer among qualifying persons within the promoter group, in accordance with Regulation 10(1)(a)(iii) of the Takeover Regulations.

The proposed transaction, expected to occur after four working days from the intimation date, will see ESMHL's stake in ESL rise from 60.09% to 70.43%. Imperial Consultants and Securities Private Limited will maintain its 3.32% stake, while IDH International Drilling Holdco Limited's stake will reduce from 10.34% to 0%.

ESMHL confirmed that all conditions under Regulation 10(1)(a)(ii) for exemption from making an open offer have been complied with, and the acquisition price will not exceed 25% of the price computed under point 6 of the regulations.