Essar Oil sell-down raises $95 million

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 National Stock Exchange of Rs172.85. The CIti-led deal was priced at the bottom of the indicative range, at Rs150 per share, for the maximum 13.8% discount. At the close of trading yesterday, the share price...