The Essar Group has pumped in $293 million (approx Rs 1,300 crore) in Essar Oil by subscribing to global depository shares (GDS) to part finance its $1.7-billion (approx Rs 7,480 crore) expansion plans.

These funds have taken the promoters contribution to nearly $600 million (approx Rs 2,640 crore) for modernisation and expansion of its Jamnagar refinery in Gujarat. The remaining $1.1 billion (approx Rs 4,840 crore) is being raised through financial institutions.

Essar Oil's expansion plan includes augmenting the capacity of Jamnagar refinery from 3,00,000 barrels per day (bpd) to 3,75,000 bpd with complexity being increased from 6.1 to 11.8 by 2011.

Essar Energy Holdings, the holding company of the group's energy business, has subscribed to GDS amounting to 0.75 per cent stake. The promoters hold 70 per cent stake through GDS and 19 per cent through ordinary equity shares.

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