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| Exchange Disseminated Time | Gulf Oil Corporation Ltd has informed BSE that the Board of Directors of the Company at its Meeting held on June 27, 2013, subject to customary closing conditions and regulatory and other approvals, as applicable, approved dilution of 90% stake by infusion of fresh equity by Gulf Oil International Limited, Cayman in GHGL London Limited (GHGL), UK, an SPV/step down subsidiary, formed by the Company for the acquisition of Houghton International Inc.
With the proposed equity infusion, the said GHGL along with its all the step down subsidiaries including Houghton International Inc. will cease to be subsidiaries of the Company on and from the Closing Date. In the meantime. Gulf Oil International Limited, Cayman have prepaid USD 120 mln out of USD 300 mln loan availed for the said purpose by HGHL Holdings Limited (HGHL), UK, the wholly owned subsidiary of the Company, and has agreed to take full responsibility of servicing and repayment of entire balance loan(s) outstandings. |
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