Essar Group lenders gain after deal with Rosneft-led consortium

Source : REUTERS
Last Updated: Mon, Oct 17, 2016 11:43 hrs
Essar House

Three of the biggest lenders to Essar Group gains; shares of ICICI Bank, Axis Bank and State Bank of India rise between 1.5 pct and 5.5 pct.

Debt-laden Essar Group confirmed it has agreed to sell an oil unit to a consortium led by Russia's Rosneft.

"...such a large deleveraging would be positive for Essar Group lenders," Nomura said in a note ahead of the deal announcement.

Exposure to Essar Group expressed as a pct of respective bank's loan book is highest for ICICI Bank, Axis Bank, PNB and SBI - Nomura.

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