Gulf Oil Lubricants trades lower after its promoter sells 4.47% stake in company
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Gulf Oil Lubricants India is currently trading at Rs. 1364.20, down by 27.75 points or 1.99% from its previous closing of Rs. 1391.95 on the BSE.
The scrip opened at Rs. 1375.00 and has touched a high and low of Rs. 1385.55 and Rs. 1352.55 respectively. So far 16963 shares were traded on the counter.
The BSE group 'B' stock of face value Rs. 2 has touched a 52 week high of Rs. 1510.00 on 02-Sep-2024 and a 52 week low of Rs. 520.60 on 09-Oct-2023.
Last one week high and low of the scrip stood at Rs. 1471.00 and Rs. 1350.10 respectively. The current market cap of the company is Rs. 6696.75 crore.
The promoters holding in the company stood at 71.76%, while Institutions and Non-Institutions held 11.83% and 16.42% respectively.
Gulf Oil Lubricants India’s promoter -- Gulf Oil International (Mauritius) Inc. has sold 22,00,000 equity shares representing only 4.47% of the total issued and paid-up share capital of the Company on September 26, 2024, in order to increase the free float and liquidity in the secondary market. There is no further dilution in the holding anticipated by the group in the foreseeable future. Post this transaction, Gulf Oil International (Mauritius) Inc, promoter of the company will continue to hold 67.22% in the company.
As one of the largest independent downstream lubricant companies, Gulf Oil International operates in over 100 countries globally. Over the past few years, it has invested worldwide in lubricants sector and acquired new plants and businesses in Singapore and Brazil and is very optimistic about future of lubricants business globally. India remains a key focus area for Gulf Oil International being the fastest growing major global economy. The company is fully committed to the future of the lubricants industry in India and its growth prospects, driving the business forward to achieve new goals and scale greater heights.
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.
