Essar Oil Ltd, India's second-biggest private refiner, has set a floor price of 146.05 rupees ($2.19) a share to buy out minority shareholders, the company said in a public notice.

On Friday, shares of Essar Oil closed at 210.‎15 rupees, up 0.67 percent.

Essar Oil has decided to delist from local stock exchanges by buying out the non-promoter shareholding of 28.54 percent to give its promoters greater flexibility, the company said.

The Bombay Stock Exchange and the National Stock Exchange had earlier approved the planned delisting of shares in Essar Oil.

The share buyback would begin on Dec. 15, the notice said.

Earlier this year, Russia's top oil producer Rosneft has signed a preliminary deal to acquire up to 49 percent in Essar Oil.