Private refiner Nayara Energy, majority owned by Russian entities, including oil major Rosneft, will make a $217.5-million (Rs 1,894 crore) share buyback offer to help its minority stakeholders exit from the delisted company, it said on Thursday.
Rosneft and its partners closed the nearly $13-billion acquisition of Nayara Energy, formerly known as Essar Oil, in 2017. Prior to the closure of the deal, the shares of Essar Oil were delisted.
Nayara has decided to offer Rs 731 ($8.39) apiece totalling about Rs 18.94 billion to more than 200,000 minority shareholders who did not participate in previous delisting and exit offers, the company said.
Nayara has not yet finalised the buyback schedule, it said.
Rosneft holds a 49.13% stake in Nayara Energy and a similar stake is owned by a consortium, Kesani Enterprises Co Ltd, led by Italy's Mareterra Group and Russian investment group United Capital Partners.
Nayara operates a 400,000-barrels-per-day Vadinar refinery in Gujarat and 6,500 retail fuel stations in the country.
