Essar Oil sell-down raises $95 million

The flurry of Indian placements continues as post-election sentiment remains high.

An undisclosed institutional investor has raised Rs4.5 billion $95 million from the sale of shares in Essar Oil. The placement, which was completed yesterday morning Hong Kong time, continues the trend of Indian companies and investors taking advantage of the post-election sentiment to tap the markets.

A total of 30 million shares were on offer at a price between Rs150 and Rs156 apiece, which translates into a discount range of 10.4% to 13.8% versus Monday's closing price on the...

FinanceAsia has updated its subscription model. Registered readers now have the opportunity to read five articles from our award-winning website for free. Please subscribe for unlimited access.

Click for more on: placement | selldown | essar oil | citi

Print Edition

FinanceAsia Print Edition