Essar Shipping Limited has been subject to updated regulatory filings regarding shareholding changes involving IDH International Drilling Holdco Limited, Cyprus. The company filed a revised disclosure under Regulation 31(2) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, on December 23, 2025, addressing discrepancies identified by stock exchanges.

Revised Filing Details

IDH International Drilling Holdco Limited, Cyprus (formerly Essar Shipping Logistics Limited) submitted the revised disclosure to both BSE and NSE, incorporating necessary amendments suggested by the exchanges:

Share Capital and Transaction Structure

The regulatory document provides comprehensive details about the pledge release transaction involving Essar Shipping Limited's equity shares:

Compliance and Corporate Structure

The filing confirms that IDH International Drilling Holdco Limited holds equity shares in Essar Shipping Limited as part of the promoter group. The shares were previously pledged in favor of Energy II Limited, Bermuda, and have now been released from encumbrance. The revised disclosure ensures full compliance with SEBI requirements and addresses all discrepancies highlighted by the stock exchanges.

Post-Transaction Status

Following the pledge release on December 10, 2025, the 2,14,06,365 equity shares representing 10.34% of Essar Shipping Limited's total share capital are now free from encumbrance. The transaction involved loan repayment as the reason for pledge release, with Energy II Limited, Bermuda being the entity in whose favor the shares were earlier pledged.

Essar Shipping Mauritius Holdings Limited (ESMHL) plans to acquire a 10.34% equity stake in Essar Shipping Limited (ESL) through an inter-se transfer of shares within the promoter group. The acquisition will be made from IDH International Drilling Holdco Limited, another promoter group entity.

Transaction Details

• ESMHL intends to acquire 10.34% equity shares of Essar Shipping Limited.
• The acquisition will be made from IDH International Drilling Holdco Limited.
• The transaction is priced at Rs. 35.25 per share, based on the 60-day volume weighted average market price.

Regulatory Compliance

The transaction is structured as an inter-se transfer among promoter group entities, which exempts it from the requirement of making an open offer under the Securities and Exchange Board of India (SEBI) takeover regulations.

Key Points

• The acquisition is exempt from open offer requirements under SEBI takeover regulations.
• The transaction falls under the category of inter-se transfer among promoter group entities.
• Both the transferor (IDH International Drilling Holdco Limited) and transferee (ESMHL) are expected to comply with applicable disclosure requirements under the Takeover Regulations.

This move by Essar Shipping Mauritius Holdings Limited may potentially consolidate its position in Essar Shipping Limited. However, as the transaction is an inter-se transfer within the promoter group, it is not expected to significantly impact the day-to-day operations of Essar Shipping Limited.