Essar Oil ltd, India's second biggest non-state oil refiner, on Saturday issued a public notice to delist the company from local bourses by buying out the non-promoter shareholding of 28.54 per cent at `46.05 per share. 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 per cent stake to Russia's OAO Rosneft.