Kolkata, Sept 27: Essar Shipping Limited, a Ruia group company, has decided to delist its shares from five stock exchanges, except the Mumbai Stock Exchange, where it was currently listed to control expenditure. "We are in the process of making applications for voluntarily delisting our securities from exchanges other than the BSE," an Essar Shipping official said.
The exchanges from which it was seeking delisting were Delhi Stock Exchange (DSE), stock exchange, Ahmedabad (ASE), Calcutta Stock Exchange (CSE), Madras Stock Exchange Ltd (MSE) and Bangalore Stock Exchange (BGSE).
Explaining the object of delisting, the official said the decision was aimed at controlling the expenditure and conserving resources for the operations of the company.
"Delisting on these exchanges will help in reducing the cost by way of listing fees and other incidental costs and will also help in utilising manpower in other places," the official said.
He claimed the shareholders in the region will not suffer due to delisting since with the introduction of screen based trading on the BSE, trading in shares could be easily done throughout the country. Bureau Report