Companies

Gulf Oil Lubricants to be listed on BSE, NSE

Our Bureau Hyderabad | Updated on November 25, 2017 Published on May 29, 2014

30blGulfOilCo.eps

Gulf Oil Corporation has fixed the record date as June 5 for the scheme of arrangement of demerger of the company and listing of the demerged entity Gulf Oil Lubricants India Ltd.

The shares of Gulf Oil Lubricants will be listed on the BSE and the NSE. The scheme was sanctioned by the Andhra Pradesh High Court in its order dated April 16, which provides for demerger and transfer of the lubricants division into a separate company.

As a consideration for the demerger of Gulf Oil — a Hinduja Group entity, Gulf Oil Lubricants India will be issuing one equity share of face value ₹ 2 each for every two equity shares of ₹2 each of Gulf Oil Corporation.

Following the demerger and scheme of arrangement, the paid-up capital of Gulf Oil Corporation shall be reduced to 9.91 crore divided into 4.95 crore shares of ₹2 each from 19.82 crore shares divided into 9.91 crore shares of ₹2 each by reduction of face value to ₹1 each from ₹2 each and consolidating every two equity shares of ₹1 each into one fully paid-up equity share of ₹2 each.

If the shareholder holds 100 shares of Gulf Oil Corporation of face value of ₹2 each now, the shareholder will hold 50 shares of ₹2 each of GOCL and 50 shares of ₹2 each of GOLIL post the capital reduction.

On Thursday, Gulf Oil shares closed at ₹151.30, up 2 per cent on the BSE.

Published on May 29, 2014
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