Gulf Oil Lubricants rises on getting nod to acquire 51% stake in Tirex Transmission
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Gulf Oil Lubricants India is currently trading at Rs. 578.00, up by 11.15 points or 1.97% from its previous closing of Rs. 566.85 on the BSE.
The scrip opened at Rs. 571.15 and has touched a high and low of Rs. 580.00 and Rs. 564.25 respectively. So far 2204 shares were traded on the counter.
The BSE group 'B' stock of face value Rs. 2 has touched a 52 week high of Rs. 644.00 on 23-Aug-2023 and a 52 week low of Rs. 390.00 on 03-Apr-2023.
Last one week high and low of the scrip stood at Rs. 644.00 and Rs. 564.05 respectively. The current market cap of the company is Rs. 2781.69 crore.
The promoters holding in the company stood at 72.00%, while Institutions and Non-Institutions held 10.40% and 17.57% respectively.
Gulf Oil Lubricants’ (GOLIL) board has received approval for the acquisition of 51% controlling stake in Tirex Transmission (Tirex), a manufacturer of DC fast chargers for EVs. Pursuant to the purchase of the aforesaid shares on closing, Tirex will become a subsidiary of GOLIL. This acquisition expands Gulf Oil play in EV value chain with synergies expected from existing business, recent acquisitions already done in EV space by Gulf and Group strengths.
Cost of acquisition is Rs 103 crore (Including secondary and primary infusion) subject to closing adjustments, if any. The Board of Directors of the Company, at its meeting held on August 27, 2023, approved the same.
Gulf Oil Lubricants, part of Hinduja Group, is an established player in Indian lubricant market. It markets a wide range of automotive and industrial lubricants, greases, 2-wheeler batteries, etc.
