Gulf Oil Corporation to raise USD 100 mn
Gulf Oil Corporation to raise USD 100 mn >The members of Gulf Oil Corporation, (Q, N,C,F)* at the 46th annual general meeting (AGM) of the company held on Sep. 28, 2007, decided to raise USD 100 million by way of issuing GDR/ADR/FCCB. Further they have approved sub division of equity shares of Rs 10 each into 5 shares of Rs 2 each. They have also decided to delist equity shares from Hyderabad Stock Exchange.
Gulf Oil Corporation disclosed a small rise in net profit for the quarter ended in June 2007. During the quarter, the company reported a 5.59% rise in profit to Rs 53.23 million from Rs 50.41 million in the same quarter last year.
Sales for the quarter rose 42.21% to Rs 1,658.13 million compared with the corresponding quarter, a year ago.
Shares of the company gained Rs 42.5, or 2.94%, to settle at Rs 1,487.7. The total volume of shares traded was 79,590 at the BSE.(Friday)
