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Minority investors in refining and power company Essar Energy PLC are taking legal advice as they try to resist a hostile bid for the company from its majority Indian shareholder. The Association of British Insurers, a body which represents the British investment industry, said Sunday it had formed a special committee of investors who own 8.6 Percent of the shares in Essar Energy. It has hired a law firm to explore options to prevent a forced delisting.

Essar Global Fund Ltd., an investment vehicle for billionaire brothers Shashi and Ravi Ruia, last month offered to buy the 22 Percent of London-listed Essar Energy that it doesn’t already own for a total of $793 million, or 70 pence a share. That’s a far cry from the 420 pence a share price at which the company floated four years ago, though slightly above Essar’s share price when the offer was made.

Under U.K. rules, the size of EGFL’s holding means minority investors have little chance of blocking the deal to take Essar Energy private. The company boasts assets valued at $16 billion, according to its website, including the Vadinar refinery and coal resources in India, as well as seven power plants in India and Canada.

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