Back then, the new shares were issued at 420p and slumped 7pc on the first day of trading. Since the flotation in 2010, the stock has tumbled to almost 57p.
Well, minority shareholders are about to get a shock.
Extremely reliable sources have told me that the billionaire Indian brothers Shashi and Ravi Ruia - who own around 75pc of Essar Energy via their Essar Global Fund - have just tabled an offer to buy the remainder of the company they don't own from public market investors.
This may comes as a surprise to followers of Essar Energy because last November the Ruia brothers said they would cut their holding by the minimum necessary to meet the UK free-float requirements.
It's not clear what price the Ruia brothers have offered for Essar Energy but it's unlikely to be anywhere near the same price the company floated at - 420p.
Shares in Essar Energy have just leapt by almost 10pc, so I am presuming the company will be forced by the Takeover Panel to make a statement confirming it has received an offer.
UPDATE: Essar Energy declined to comment on the report. However, some people familiar with matter say they are not aware of any approach from the Ruia brothers. Watching.
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