HDFC reduces stake in Hindustan Oil Exploration Company Limited

Out of 1,48,26,303 equity shares of Rs. 10 each held by Housing Development Finance Corporation Ltd (the Corporation) in Hindustan Oil Exploration Company Limited (HOECL), the Corporation has sold 32,53,517 shares representing 2.46% of the paid-up share capital of HOECL.

For the financial year ended on March 31, 2021, the standalone total revenue of HOECL, aggregated Rs. 111.26 crore and the balance sheet size was Rs. 1,035.27 crore.

The shares have been sold between September 19, 2017 and July 7, 2021 (including these dates). The sale crossed the 2% threshold on a cumulative basis, on July 6, 2021.

The sale transactions were carried out through stock exchanges at the prevailing market price. The total consideration for the sale of 32,53,517 shares is Rs. 37.19 crore.

HOECL is engaged in the exploration, development and production of crude oil and natural gas in Jndia1 both onshore and offshore. The Company is a participant in various oil and gas blocks / fields which are in the nature of joint operation through Production Sharing Contracts (PSC) entered by the Company with Government of India along with other entities.

Shares of HINDUSTAN OIL EXPLORATION CO.LTD. was last trading in BSE at Rs.119.25 as compared to the previous close of Rs. 121.25. The total number of shares traded during the day was 191804 in over 2591 trades.

The stock hit an intraday high of Rs. 123.4 and intraday low of 118.4. The net turnover during the day was Rs. 23054686.

Source : Equity Bulls

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