Essar Oil up almost 4%

Essar Oil is doing well today morning. The stock is up almost 4% at Rs.81.70 with an intra day high at Rs.84. Its 52-week high is at Rs.96.15.

The stock is up after the company issued a Press Release stating that it had completed the process from exiting the CDR loan facility. The company had got into the CDR in Dec 2004 and help cover the construction of its Vadinar refinery in Gujarat. The company has stated that the CDR has been replaced with a new debt facility of around Rs.9100 crore on commercial terms from its similar group of lenders.

The company has begun swapping of its costly rupee loans with cheaper dollar loans. It has gone in for refinancing of its Rs.2611 crore rupee loan into equivalent forex loan of US$ 481 million through the ECB route.