Ruias withdraw Essar Shipping delisting offer

he Ruias have withdrawn the delisting offer of Essar Shippingowing to poor response and high discovered price,

Ruias withdrew the delisting offer due to poor response and high discovered price. The reverse book building closed on March 16.

The floor price for reverse book building was at Rs 31.62 per share. Maximum bids came in at Rs 50 per share.A number of bids came in at Rs 60 and went as high as Rs 75.

The Essar Group, through Cyprus-based subsidiary of Essar Global, holds nearly 76% stake in Essar Shipping.

Essar Shipping acquired two Very Large Crude Carriers (VLCC) during the year. Essar Shipping and Logistics (ESLL) raised USD 200 million in international banking markets.

Essar Shipping is an integrated sea logistics company with a special focus on transportation solutions. Its fleet accounts for almost 14% of India's shipping fleet and it owns the country's largest VLCC. It has a fleet of 30 vessels.