HDFC sells 2.46 pc of its stake in Hindustan Oil Exploration Co, Energy News, ET EnergyWorld

Housing finance company HDFC Ltd said on Wednesday it had sold 2.46% of its stake in Hindustan Oil Exploration Company (HOECL) for 37 crore rupees. HDFC held 1,4826,303 HOECL shares.

The company sold 32,533,517 shares representing 2.46% of the paid-up share capital of HOECL, HDFC announced on Wednesday in a regulatory filing.

The shares were sold on the secondary market via exchanges between September 19, 2017 and July 7, 2021 (including those dates) at the prevailing market price, he added.

“The total consideration (all cash consideration) for the sale of 32,53517 shares is Rs 37.19 crore.”

The sale crossed the 2% threshold on a cumulative basis on July 6, 2021, he added.

For the fiscal year ended March 31, 2021, HOECL’s total autonomous income was Rs 111.26 crore and the company’s balance sheet was Rs 1,035.27 crore.

The company which is engaged in the exploration, development and production of crude oil and natural gas in India, both onshore and offshore, was incorporated in 1983.

The company participates in various oil and gas blocks / fields in the form of joint operations through production sharing contracts with government and other entities.

HDFC shares closed up 1.41% at Rs 2,528.35 each on BSE while HOECL closed down 1.81% at Rs 119.05.

About Larry Noble

Check Also

Elwood Technologies’ Crypto Trading Platform Raises $70 Million

Elwood Technologies, an institutional crypto asset trading platform founded by UK billionaire hedge fund manager …

Leave a Reply

Your email address will not be published.