Gulf Oil to demerge lubricant division, plans to list subsidiary

Resource from: Livemint Likes:146

Aug 12,2013

Hinduja Group company Gulf Oil Corp. Ltd on Thursday said it plans to separate its lubricants business division and merge it into a newly created unit Hinduja Infrastructure Ltd, shares of which will be listed on stock exchanges. Shareholders of Gulf Oil will receive one equity share each of the company and Hinduja Infrastructure for every two held in Gulf Oil, it said in a statement to BSE. The lubricant business would be transferred to Hinduja Infrastructure followed by restructuring of the share capital of both the companies by way of a scheme of arrangement, Gulf Oil said. “The rationale of this de-merger was that we were not getting right kind of the valuation for the lubricant business as we have lot of mixed businesses,” Gulf Oil managing director S. Pramanik said. “Investors had also suggested the same in the past. We would be listing the subsidiary on the stock exchanges.” In May, the company had said that it is actively considering restructuring of various businesses of the company. Gulf Oil has business interests in lubricants, industrial explosives, mining, infrastructure and property development. In the year ended 31 March, the lubricants division said sales rose 12% to Rs.843 crore compared with a year earlier. Operational profit before interest and tax increased 13% to Rs.106 crore.

(Livemint)

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