Gulf Oil Corporation to raise US$ 100 million

Gulf Oil Corporation Ltd has announced that the members at the 48th Annual General Meeting (AGM) of the Company held on July 31, 2009, inter alia, have approved the Payment of Dividend @ Rs 1.70 per share, Appointment of Mr. Prakash Shah as Director of the Company.

The AGM also approved raising of US$ 100 million by way of issue of GDR / ADR / FCCB or otherwise (as was passed by the shareholders last year) and raising of capital by issue of further shares on rights basis and allotment of upto 2,47,86,245 Equity Shares of Rs 2/- each at a premium of Rs 30/- per Equity Share.

The stock closed the day at Rs.61, down by Rs.1.60 or 2.56%. The stock hit an intraday high of Rs.64.80 and low of Rs.59.90.

The total traded quantity was 53573 compared to 2 week average of 102513.

Source : Equity Bulls

Keywords