Essar Ports Ltd. said it had complied with the minimum public shareholding requirement as per SEBI norms, subsequent to the conversion of the Global Depository Shares (GDS) by Port of Antwerp International UK Ltd.
The company said Port of Antwerp, a subsidiary of the Port of Antwerp, had converted the GDS held by it in Essar Ports, one of India's leading private port and terminal operators, into equity shares, bringing down the promoter holding in Essar Port to 74.97 percent.
Essar Ports earlier announced successful completion of its Offer for Sale process for sale of equity shares of the company, aggregating to 5.33 percent of the paid-up share capital of the company. The balance dilution was to be achieved by way of conversion of GDS held by Port of Antwerp, as they had expressed their desire to convert the GDS into equity shares of Essar Ports.
With this conversion, Essar Ports is now in compliance of the SEBI minimum public shareholding requirement, with the Essar Group holding going down to 74.97 percent, and has intimated the stock exchanges and SEBI of the same.
At the BSE, Essar Ports shares are currently trading at Rs.75.50, down 3.76 percent from the previous close.
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