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| Exchange Disseminated Time | Gulf Oil Corporation Ltd has informed BSE about disinvestment of 100% shares in IDL Explosives Limited.
Announcement:
"The Industrial Explosives Undertaking of the Company was demerged into a wholly owned subsidiary of the Company, IDL Explosives Limited (IDL), during the last financial year, as per he Scheme of Arrangement sanctioned by the Hon'ble High Court of Andhra Pradesh.
In the Scheme, one of the 'Rationale' was indicated as follows:
"Keeping in view of the future prospects of the Explosives business and risks associated with it, Gulf Oil ultimately propose to divest either fully or partially or Induct either Strategic Partner or Equity partner in this business to grow the business independently."
Accordingly the Board of Directors at it meeting held on February 06, 2012, decided to disinvest and sell entire equity of IDL comprising of 50,000 shares of Rs. 10 each fully paid at Rs. 2000/- per shares, to the highest bidder through the process of competitive bidding. In addition, the Company holds 2,49,000 preference Shares of Rs. 24.90 crores, which was allotted by IDL, as per the terms of the Scheme.
With this, all assets, loans and liabilities of IDL will also stand divested.
The necessary legal process for giving effect to the above will be completed in due course." |
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