Press releases 2010
Essar Energy to float on London Stock Exchange
- Company aims to raise $2.5 billion
London Stock Exchange today welcomed Essar Energy's announcement that it is to proceed with an initial public offering on the Exchange's Main Market.
The company, one of India's fastest growing private sector power and oil and gas companies, hopes to raise gross proceeds of around $2.5 billion from its offering representing approximately 20-25% of the enlarged share capital of Essar Energy, which would make it the biggest Indian IPO in London. On completion of the offer, it is expected that Essar Energy will be considered for inclusion in the FTSE 100 Index.
Xavier Rolet, Chief Executive Officer, London Stock Exchange Group, said:
"I am delighted Essar Energy is planning to float in London, underlining the increasingly global profile of Indian industry. Our Main Market, underpinned by the world's deepest pool of international capital, is a perfect fit for a firm looking to finance its ambitious growth plans. Essar Energy's intended float here will give investors the chance to invest in India's strong projected growth through a leading energy company listed on the world's most international stock exchange."
Essar Energy is an India focused energy company, established over 40 years ago by Shashi Ruia and Ravi Ruia, Chairman and Vice-Chairman of
the Essar Group respectively. The operations of the Essar Energy will on admission comprise the power business and the oil and gas business currently held within companies owned by the Essar Group.
Essar Energy has a diverse portfolio of power, exploration and production and refinery assets, including the Vadinar refinery in Gujarat. Currently India's second largest private sector oil refinery, expansion plans are expected to make the Vadinar refinery one of the largest and most complex refineries in the world.
For further information, please contact:
Patrick Humphris / Alastair Fairbrother
Press Office +44 (0)20 7797 1222
Notes to editors
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