8:52 15/05/2012 Agreed Financing RNS
RNS Number : 3260D
Essar Energy plc
15 May 2012









Essar Energy refinances US$450 million bridge loan



May 15, 2012: Essar Energy plc [LSE: ESSR], the India-focused integrated energy company, today announced that it has refinanced a US$450 million bridge loan which was due December 2012 with a new US$300 million 3 year secured loan facility and US$150 million of internal cash resources. Separately, Essar Energy has also signed a US$250 million 3.5 year subordinated unsecured loan facility with Essar Global Limited for general corporate purposes.



The new US$300 million 3 year secured loan facility is being provided by a consortium of banks who were the lenders under the original US$450 million bridge loan facility.



The US$250 million subordinated unsecured loan facility is being provided by Essar Global Limited on normal commercial terms and can be utilised for general corporate purposes. The facility is currently undrawn, but can be drawn in full or in part at any time during the 3.5 year life of the facility.



Commenting on the refinancing, Naresh Nayyar, CEO of Essar Energy said: "The completion of these financings provides Essar Energy with additional debt facilities including an extended maturity profile and demonstrates continued strong support from our banking group and major shareholder. The successful commissioning of the Vadinar refinery and near completion of three of our major power plant projects marks an inflexion point in our capital expenditure cycle and will see a significant improvement in the cash flows within our businesses."

By Sanchez_57
23:39 14/05/2012 Subsidiary News
From UK-Analyst:

"Essar Oil, the Bombay Stock Exchange listed natural resources company, 87% owned by Essar Energy (ESSR) posted a pre-tax loss of 4,377 crore (504 million pounds) in the year to March 2012, from a profit in the previous 12 months. The loss followed a reversal of its sales tax benefits and provisioning related to its debt restructuring. Revenue for the year jumped 20% to 63,340 crore (7.3 billion pounds) which was something to be bullish about, however the huge dent left by the sales tax change mean investors will remain wary about the group's future profitability. Essar shares slipped 7p to 124.9p. "

nk By nk1999
9:16 14/05/2012 FoxDavies.
http://www.oilvoice.com/n/FoxDavies_Daily_Monitor_Range_Resources_Providence_Resources_and_Chariot_Oil_Gas/8bd8afaa06ea.aspx By Teadrinker
17:53 30/04/2012 News item
Article in today's Telegraph mentions Essar

The Gleaner


As India's once 'miraculous growth' story took a dark twist – Standard & Poors downgraded its outlook to 'negative' while Moody's blamed the ruling Gandhi family for the political paralysis behind faltering growth – the country's Met Office offered one silver lining. It ruled out the possibility that the monsoon rains would fail.
While Dr Manmohan Singh's government has lurched from one crisis to another and serious differences within his coalition have placed almost all reforms on hold, fear of a failed monsoon is the one thing which unites his fractious cabinet and Indian business leaders alike.
In the past few weeks temperatures in New Delhi have plummeted, raising concerns that the searing heat and dust needed for a torrential monsoon will not come, causing crops to fail and inflation to soar once again.
If the weathermen's forecast is correct, India's problem remains a longer term one. How to revive a 'flagging' growth rate of 7pc back towards the double-digit figure the country had in its sights barely two years ago.
According to S&P and Moody's, the root cause of the disappointing performance lies in the country's government. S&P said last week that India's rating could deteriorate further if "the external position continues to deteriorate, growth prospects diminish or progress on fiscal reforms remains slow in a weakened political setting."

Moody's appeared to lay the blame for India's plight at the feet of the Gandhi family which controls the Congress Party, the leading group in the governing coalition. Sonia Gandhi and the party's heir Rahul Gandhi "blew their chance" to revive a programme of reforms in parliament by wasting their time campaigning in the Uttar Pradesh state elections, in which the party was humiliated and the government further weakened.
Prime minister Manmohan Singh had hoped to introduce a series of foreign investment and tax reforms to further open up the country's markets and make it an easier place for foreign and domestic companies to do business. But plans have been mothballed because the governing coalition partners cannot agree.

Plans to reduce government spending on fuel and other subsidies have been halted, while the widely quoted $1 trillion India must spend on upgrading infrastructure from roads to power plants has yet to leave the government's coffers.
A general air of gloom was compounded when the government's chief economic advisor Kaushik Basu warned a Washington think tank not to expect any reforms until a stronger government is elected after the 2014 elections. "We are going through a difficult year. (After 2014), you would see a rush of important reforms and after 2015 India would be one of the fastest growing economies of the world. The new government, if in a majority, would start with the reforms in a big way because there is a sense that it needs to pick up," he said.
In the meantime foreign investors are rejecting India in favour of rivals, while major Indian companies are spurning domestic opportunities in favour of investing overseas, says Subodh Agrawal of Mumbai and London-based Euromax Capital.

He claims clients are afraid of investing in India because they believe its government's decision-making has become increasingly unpredictable. The proposal to allow the government to make retroactive tax demands – after its courts rejected a $2bn tax demand to Vodafone over its acquisition of the mobile operator Hutchison – had made it impossible to sell India to prospective investors.
"S&P and Moody's have been kind to India. Its [real] forecast is doom and doom," he adds.
Jatinder Mehra, a director of the Essar Group, one of India's biggest business houses, says the government has depressed growth by over-reacting to inflation and focusing on curbing demand rather than solving supply problems.
Essar was a major partner in Vodafone India and has also been targeted by the government along with othe By Gleaner
12:56 30/04/2012 Re: Sharp rise this morning
150p now By thevolcano
11:43 30/04/2012 Re: Sharp rise this morning
I think it just fell too far recently and the bargain hunters are out in force, afterall, the company does have a lot of positives for future cash generation, this rise could be short lived if the markets get spooked again but it is very welcome to see them at the top of the risers. By botmzup
10:20 30/04/2012 Re: Sharp rise this morning
2nd Resistance Point 142.181
1st Resistance Point 138.240
Last Price 134.300
1st Support Level 130.179
2nd Support Level 126.059
By thevolcano
9:15 30/04/2012 Re: Sharp rise this morning
i am confused as you mate can not fine any price sensitive news maybe India is new China By thevolcano
8:53 30/04/2012 Sharp rise this morning
Anyone have any idea why? Is it that last week's news has been properly digested? By N0idea
17:00 25/04/2012 Re: Holla
Well Mr Singh - Hows the feeling now? Back to 126p By greymonk
15:30 22/04/2012 Re: Any thoughts
The fall is looking overdone to me, there`s got to be a point where the sp is ridiculous and we can`t be that far off now, so bring on the bounce I say.

The uncertainty should fade in the next week or two with the imminent release of confirming RNS`s re the tax situation. The market hates uncertainty as we all know.

Macro market seems to be holding steady with worries about Spain coming off slightly so with no bad news this week we could see some sense coming back into price.

Stonkimg future potential.
Latter stages of discussions about repayment details which they have said are progressing well, should see RNS soon.

All in my humble opinion as a holder so DYOR and any new comments welcome, we are all here to help eachother. By botmzup
20:10 18/04/2012 Re: Any thoughts
"there's a lot of chat, by iii standards on the LSE equivalent of this pretty p**s poor bb "
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[ SEE PREVIOUS POST TO YOURS!]

http://www.lse.co.uk/SharePrice.asp?shareprice=ESSR&share=ESSAR_ENERGY
i RECKON THE MARKETS AND punters worry about the speed of the recent rise and want the story to catch up with the big and fast rise.Today;s RNS will help but the details of tax bill repayment schedulke is crucial bit of the jig saw imo Good luck sand may see you on LSE bb By Sanchez_57
16:23 18/04/2012 Any thoughts
The latest RNS shows that once again Lloyds (Via Scot widows) has further increased their holding to around 7%. Lloyds seem to like Essar, yet the SP keeps falling.

Any thoughts on the level to which the SP is heading? Are we looking at a re test of the March lows?

Any advice appreciated.

Also are their any BB's were Essar is actively discussed?

Thanks By mb6416
14:41 16/04/2012 Healthy correction
but we will soon go from overbought to oversold , imo, as some pi's panic at seeing btheir paper profits shrink

BTW there's a lot of chat, by iii standards on the lse equivalent of this pretty p**s poor bb!No offence but if no one posts, what purpose is there in logging on? By Sanchez_57
17:22 12/04/2012 Holla
Just a feeling.

Up 4% is a very good day on my position.

Lets see if we can break the magic £1.60.

Mr Singh By Sir Singh