Delisting the company would give billionaire brothers, Shashikant and Ravikant Ruia, greater flexibility and less regulatory scrutiny. Essar Oil has signed an agreement to sell 49 percent stake to Russia's OAO Rosneft.

Shares will be bought in a reverse book building, beginning December 15 and ending on December 21, the notice said.

In pursuance of the approval given by the Securities and Exchange Board of India (SEBI), Essar Oil will make good to the minority shareholders, the difference between the delisting offer price and the rate at which it sells 49 percent stake to Rosneft.

The group has recently delisted Essar Energy from the London Stock Exchange and also made its locally listed ports business private.

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