The Hindu Business Line : Shareholders clear Gulf Oil's preferential offer plans

THE shareholders of Gulf Oil Corporation Ltd at a meeting on Friday approved the issue of 10,00,000 convertible warrants of Rs 505 each on preferential basis aggregating to Rs 50.5 crore to Teck Consultancy and Esquire Pvt Ltd.

This follows an extraordinary general meeting of the company held here on Friday.

Each warrant will be converted into one equity share on or before 18 months from the date of issue at a premium of Rs 495 (face value of share Rs 10), with a lock-in period of one year. On conversion, the equity capital of the company will go up by Rs 1 crore to Rs 14.87 crore.

According to a statement from Gulf Oil, various divisions of the company have been performing well during the current year. In the first half of the current year, the company's turnover went up by 11 per cent to Rs 205.48 crore, and profit before tax up by 14.3 per cent to Rs 15.51 crore and earnings per share up by 11 per cent to Rs 9.84, despite a drop of Rs 2 crore in other incomes.

Earlier, the company's AGM held on August 1 announced its expansion plans and new initiatives. The company proposes to utilise the funds raised to mainly meet the expansion plans.

Gulf Oil recorded a turnover of Rs 500 crore.

The company is the largest manufacturer of detonators and the second largest private sector lubricant company in India, exporting to 24 countries in South-East Asia, East Africa, North Africa, Gulf, West Asia and Southern Europe.

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