Port of Antwerp International UK Limited, a subsidiary of the Port of Antwerp, has converted the Global Depository Shares (GDS) held by it in Essar Ports Ltd, one of India’s leading private port & terminal operators, into equity shares, bringing down the Promoter holding in Essar Ports to 74.97%.
Essar Ports Limited, confirmed today that it is in compliance of the Minimum Public Shareholding requirement as per SEBI norms subsequent to the conversion of GDS by Port of Antwerp. This was done as per the SEBI approval received earlier.
Essar Ports had earlier announced successful completion of its Offer for Sale process for sale of equity shares of the Company, aggregating to 5.33% of the paid up share capital of the company. The balance dilution was to be achieved by way of conversion of GDS held by Port of Antwerp International UK Limited as they had expressed their desire to convert the GDS into equity shares of Essar Ports.
With this conversion, Essar Ports Limited is now in compliance of the SEBI minimum public shareholding requirement, with the Essar Group holding going down to 74.97%, and has intimated the Stock Exchanges and SEBI of the same.