(Reuters) – Indian private refiner Nayara Energy, majority owned by Russian entities including oil major Rosneft, will make a $217.5 million 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 731 rupees ($8.39) apiece totalling about 18.94 billion rupees 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 the western state of Gujarat and 6,500 retail fuel stations in the country.
($1 = 87.1010 Indian rupees)
(Reporting by Nidhi Verma and Manvi Pant; Editing by Eileen Soreng)
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