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Gulf Oil Corporation Ltd has informed BSE that the Company's Promoter, Gulf Oil International (Mauritius) Inc. (GOIMI) has recently acquired additional shares to the extent of 4.99 per cent in the company.
This has increased its shareholding in the company to 54.96 per cent. With this, the company becomes subsidiary of GOIMI, according to a statement filed with the exchange.
Gulf Oil Corporation is a company promoted by the Hinduja Group and engaged in the business of lubricants, explosives and real estate. It is in the process of concluding the demerger process of its lubricants business.
The Hyderabad-based Gulf Oil Corporation Limited had announced demerger of the Lubricants Division into Gulf Oil Lubricants India Limited, which is a wholly owned subsidiary of the company. The company is awaiting Andhra Pradesh High Court approval for scheme of demerger of the lubricants business. Once the process is through by the month end, this will enable the company to list two entities, the parent Gulf Oil Corporation Limited and the Lubricants business.
The company shares closed the day’s trade up 3.4 per cent at Rs 117.
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