Essar Energy to convert $262 million of bonds into Essar Oil equity

By Susanna Moon

Chicago, Dec. 4 - Essar Energy plc said subsidiary Essar Energy Holdings Ltd. notified its subsidiary Essar Oil Ltd. that it is seeking to convert $262 million of foreign currency convertible bonds into equity shares.

Essar Energy's decision to convert the bonds "is driven by its desire to consolidate its holdings in its key subsidiaries," according to a press release.

Essar Energy is a London-based energy company that does business mostly in India.

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