 "Gulf Oil International divests 4% stake in Gulf Oil Lubricants India for over Rs 263 crore, impacting share prices dramatically.")
Gulf Oil International Mauritius Inc. has successfully sold a 4 percent stake in Gulf Oil Lubricants India for over Rs 263 crore through open Market transactions. The sale involved approximately 1.95 million shares at an average price of Rs 1,351 each, lowering Gulf Oil International’s ownership from 71.76 percent to 67.8 percent. Notable buyers included UTI Mutual Fund, Aditya Birla Sun Life Insurance, and others. Following the sale, Gulf Oil Lubricants India’s shares experienced a decline of 4.88 percent, closing at Rs 1,370.95. In another Market transaction, Cube Highways Trust sold a 0.9 percent stake for over Rs 139 crore, reflecting significant trading activity in India’s financial markets.
Gulf Oil International Mauritius Inc recently sold a 4 percent stake in Gulf Oil Lubricants India for over Rs 263 crore through open Market transactions. This significant move involved the offloading of 1,950,000 shares, which represents a 3.96 percent stake in the company. The average selling price was Rs 1,351 per share, resulting in a total transaction value of Rs 263.44 crore. Following this sale, Gulf Oil International Mauritius’s holding has decreased from 71.76 percent to 67.8 percent.
A number of prominent buyers participated in the purchase, including UTI Mutual Fund, ITI Mutual Fund, Baroda BNP Paribas Mutual Fund, and others. However, the stock of Gulf Oil Lubricants India faced a decline of 4.88 percent, closing at Rs 1,370.95 on the Bombay Stock Exchange (BSE).
In another notable Market activity, Cube Highways and Infrastructure II divested 0.9 percent of its holdings in the Cube Highways Trust for over Rs 139 crore. This sale adds to the ongoing changes within the infrastructure sector in India.
Stay tuned for more updates on major Market movements and investment opportunities.
Relevant Tags: Gulf Oil, Gulf Oil Lubricants India, Market Transactions, Stock Market News, Investment Updates, BSE News, Mutual Funds
What does it mean that Gulf Oil Lubricants India sold a 4% stake?
It means that Gulf Oil sold a small share of its company to investors, which gives those investors a small ownership in the company.
How much money did Gulf Oil get from selling the stake?
Gulf Oil received over Rs 263 crore from selling the 4% stake.
Why would a company sell a part of its business?
A company might sell part of its business to raise money for growth, pay off debt, or invest in new projects.
Who buys these stakes in companies?
Investors, which can be individuals or larger institutions, buy these stakes because they believe the company will do well and they want to share in its profits.
Is this a common practice in business?
Yes, selling stakes is common, especially for companies looking to expand or improve their financial situation.
