After the scheme of arrangement, Essar Shipping is going to list its equity shares on exchanges on November 15, 2011, Money Control reports.The shipping and logistics business and oilfield drilling business of Essar Ports (EPL) (formerly known as Essar Shipping Ports & Logistics) has been transferred to and vested in ESL on a going concern basis and ESL has allotted equity shares to the shareholders of EPL in the ratio of 1 equity share of Rs 10/- each fully paid up of ESL for every 3 equity shares of Rs 10/- each held in EPL as on May 19, 2011, the record date.
Prior to the scheme of arrangement the paid-up equity capital of ESL was Rs 5 lakh consisting of 50,000 equity shares of Rs 10/- each entirely held by EPL.
Upon the scheme becoming effective, the initial capital of ESL of Rs 5 lakh shall stand cancelled. Further after giving effect to the allotment of shares to the shareholders of EPL, the post arrangement paid-up capital of ESL is Rs 20522.7768 lakh consisting of 20,52,27,768 equity shares of Rs 10/- each.
Prior to the scheme of arrangement the paid-up equity capital of ESL was Rs 5 lakh consisting of 50,000 equity shares of Rs 10/- each entirely held by EPL.
Upon the scheme becoming effective, the initial capital of ESL of Rs 5 lakh shall stand cancelled. Further after giving effect to the allotment of shares to the shareholders of EPL, the post arrangement paid-up capital of ESL is Rs 20522.7768 lakh consisting of 20,52,27,768 equity shares of Rs 10/- each.
