The Supreme Court said that the balance dues of Rs 5,165 crore in now payable in eight quarterly installments beginning January 2, 2013," Essar Oil said in a filing.
However, the court dismissed the interest demand of Gujarat state for around Rs 1,800 for period upto Jan 17,2012.
While directed the payment at the rate of only 10% per annum against 18% per annum demanded by the Gujarat State for the period beyond January 17, 2012.
The shares of the company surged 6% to Rs 51.30 on BSE at 11.40 am IST. The stock surged to intr-day high of Rs 51.50.