Essar Oil Ltd has announced the following Audited results for the year ended March 31, 2008:
The Company has posted a net loss of Rs 411.80 million for the year ended March 31, 2008 as compared to net loss of Rs 674.90 million for the year ended March 31, 2007. Total Income has increased from Rs 4843.70 million for the year ended March 31, 2007 to Rs 5767.80 million for the year ended March 31, 2008.
Essar Oil Ltd has informed BSE that all the units of the 10.5 MMTPA Refinery at Vadinar, District Jamnagar have been operating satisfactorily and the Company has declared commencement of commercial production with effect from May 01, 2008.
Further, the Company has submitted to the BSE a copy of a presentation, being made to analysts on May 30, 2008.
Essar Oil Ltd has announced the following Unaudited results for the quarter & year ended March 31, 2008:
The results for the Quarter ended March 31, 2008
The Company has posted a net loss of Rs 84.80 million for the quarter ended March 31, 2008 as compared to net profit of Rs 9.90 million for the quarter ended March 31, 2007. Total Income has decreased from Rs 2681.70 million for the quarter ended March 31, 2007 to Rs 490.70 million for the quarter ended March 31, 2008.
The results for the Year ended March 31, 2008
The Company has posted a net loss of Rs 416.50 million for the year ended March 31, 2008 as compared to net loss of Rs 674.90 million for the year ended March 31, 2007. Total Income has increased from Rs 4843.70 million for the year ended March 31, 2007 to Rs 5767.90 million for the year ended March 31, 2008.
Essar Oil Ltd has informed BSE that pursuant to the approval granted by the shareholders at an Extraordinary General Meeting held on December 18, 2007 for issue of US$ 2000,000,000 (United States Dollars Two thousand million only) Global Depository Shares (GDSs) to Promoters on preferential issue basis, the Company on March 31, 2008 has issued and allotted first tranche of 34,227,018 equity shares of Rs 10/- each (face value) fully paid up at a price of Rs 200.00 per share in favour of the overseas Depository. The Bank of New York, which are represented by 223,706 GDSs aggregating to US$ 170.787 million. The GDSs have been subscribed by Promoter Company, Essar Energy Holdings Ltd for part financing the expansion of refining capacity and for other general corporate purposes.
Essar Oil Ltd has informed BSE that the members at the Extra Ordinary General Meeting (EGM) of the Company held on February 28, 2008, inter alia, have accorded the following:
1. Authority to the Board to create, offer, issue and allot (including with provisions for reservation on firm and competitive basis, for such part of issue and for such categories of persons including employees of the Company as may be permitted), equity shares of Rs 10/- each (”equity shares”) and / or equity shares through Global Depository Shares (GDRs) / Receipts (GDRs) and / or American Depository Receipts (ADRs) and / or Foreign Currency Convertible Bonds (FCCBs) and / or convertible bonds, convertible debentures, fully or partly and / or any other securities, convertible into or exchangeable with equity shares, and / or other securities convertible into equity shares at the option of the Company and / or the holder(s) of such security and / or securities linked to equity shares and / or securities with or without detachable / non-detachable warrants and / or warrants with a right exercisable by the warrant holders to subscribe to equity shares and / or any instruments which would be converted into / exchanged with equity shares at a later date, whether rupee denominated or denominated in any foreign currency, naked or otherwise, either in registered or bearer forms (’securities’) or any combination of the equity shares and securities, with or without premium as the Board may, at its sole discretion decide by way of one or more public and / or private offerings in domestic and/or one or more international market(s), with or without green shoe option, and / or private placement or issue through Qualified Institutions Placement in accordance with the Guidelines for Qualified Institutions Placement prescribed under Chapter XIII-A of the SEBI (Disclosure and Investor Protection) Guidelines, 2000 or by any one or more or a combination of the above modes / methods or otherwise and at such time or kinds and in one or more tranches aggregating to an amount not exceeding US$ 2,000,000,000/- (United States Dollars Two thousand million only) or in equivalent Indian Rupees and on such terms and conditions, as the Board may, at its sole discretion / at any time or times hereinafter decide, subject to necessary provisions & approvals.
The Relevant Date for issue of equity shares or securities as per the SEBI (Disclosure and Investor Protection) Guidelines, 2000 on Qualified Institutions Placements, as amended upto date and / or for issue of securities in the International Market as per the Foreign Exchange Management (Transfer or issue of security by a person resident outside India) Regulation, 2000 for the determination of minimum applicable price for the issue of equity shares either directly or upon conversion exchange, redemption or cancellation of securities in part or full is, January 29, 2008.
2. Authority to the Board for creating mortgages and / or charges, hypothecation, pledge and / or any other encumbrances on such terms and conditions and at such time(s) and in such form and manner as the Board may determine on all or any of the movable and / or immovable properties of the Company wheresoever situated, both present and future or the whole or substantially the whole of any one or more of the Company?s undertaking(s) in favour of all or any of the financial institutions, banks, lenders, financiers, trustees, investing agencies, bodies corporate, corporations, foreign institutional investors, any other person(s)/entities, or any combination of the above to secure rupee loans, foreign currency loans, debentures, bonds, securities, convertible loans, fully / partly paid convertible / non-convertible bonds, financial assistances / any borrowings or any other Securities / instruments(by private placement basis or otherwise) of an equivalent aggregate amount not exceeding Rs 30,000 Crore (Rupees Thirty thousand crore only) in Indian Rupees and / or in equivalent Foreign Currency together with interest thereon at the respective agreed rates, compound interest, additional interest, liquidated damages, commitment charges, premia on pre-payment or on redemption, Debenture / Security Trustee remuneration, costs, charges, expenses and all other monies payable by the Company to the aforesaid parties or any of them under the agreements entered into / to be entered into by the Company in respect of the said loans, debentures, bonds, financial assistances, borrowings and / or other instruments, subject to necessary provisions & approvals.
3. Authority to the Board for borrowing or continuing to borrow any sum or sums of money, from time to time, from any one or more of the Company?s bankers and / or financial or investment institutions and / or from anyone or more other persons, firms, entities, bodies corporate, Companies, whether by way of cash credit, advance or deposits, loans or bill discounting or otherwise and whether unsecured or secured, and if secured by mortgage, charge / hypothecation or lien or pledge or any other encumbrances of the Company?s assets and properties whether movable or stock-in-trade (including raw materials, stores, spare parts and components in stock or in transit) including uncalled capital and work-in-progress and all or any of the undertakings of the Company notwithstanding that the moneys to be borrowed together with moneys already borrowed by the Company (apart from temporary loans obtained from the Company?s bankers in the ordinary course of business) will or may exceed the aggregate of the paid-up capital of the Company and its free reserves, that is to say, reserves not set apart for any specific purpose but, so however, that the total amount upto which the moneys may be borrowed by the Board of Directors and outstanding at any time shall not exceed the sum of Rs 30,000 Crore (Rupees Thirty Thousand Crore only) over and above the aggregate of the paid up share capital of the Company and its free reserves, subject to necessary provisions & approvals.
Essar Oil Ltd has informed BSE that the decision of the Board to consolidate the upstream Exploration & Production activities under its proposed subsidiary, Essar Exploration & Production Ltd.
Further the Company has informed that, the proposed subsidiary, Essar Exploration &
Production Ltd, Mauritius, has been awarded an Offshore block in the prolific Song
Hong basin, Vietnam, for Exploration admeasuring approximately 5925 Sq Kms. by the
Government of Vietnam. The block was offered under the recent Licensing Round
offering 7 offshore blocks.
In this regard the Company has issued the following Press Release:
“Essar Exploration & Production Ltd (EEPL), Mauritius, has been awarded an offshore block in Vietnam’s prolific Song Hong basin.
Admeasuring approximately 5925 sq km, the block was awarded under a recent licensing round where 7 offshore blocks were on offer. It is a shallow water block with average water depth of 60 to 70 metres.
The minimum work programme for the block envisages detailed geological and geophysical studies, reprocessing of selected existing 2D seismic data, acquisition, processing and interpretation of fresh 3D seismic of 1000 sq km, and drilling of two exploratory wells with 3500 m target depth. The exploration phase is estimated to last five years and the investment for this programme will be approximately US$ 60 million.
Essar Oil is in the process of consolidating its upstream Exploration & Production activities under its proposed subsidiary, EEPL. This will help build a strong, fully integrated oil Company with upstream, refining and downstream marketing activities. Once this exercise is completed, Essar Oil will have eight Oil & Gas blocks and one Coal Bed Methane block. This includes onshore blocks in Madagascar; an offshore block in Nigeria; on shore block in Mehsana, Gujarat; a Coal Bed Methane block in Raniganj, West Bengal; the offshore field Ratna & R Series and two onshore blocks in Assam.”
Essar Oil Ltd has informed BSE that the shareholders at the Extra Ordinary General Meeting (EGM) of the Company held on February 28, 2008, inter alia, have approved the following:
1. Issue of US$ 2,000,000,000 (United States Dollars Two thousand million only) by issue of equity shares and / or convertible debentures and / or GDSs / ADRs / FCCBs by way of public and / or private offering from domestic / international market(s) and / or, qualified institutions placement.
2. Enhancing the borrowing powers of the Company from Rs 25,000 crore to Rs 30,000 crore over and above the paid-up capital of the Company and its free reserves; and
3. Enhanced the power to create security on the assets of the Company for securing borrowings from Rs 25,000 crore to Rs 30,000 crore.