Gulf Oil Promoter Sells 4% Stake for Rs 263 Crore

New Delhi, Sep 26 (PTI) Gulf Oil International Mauritius Inc, promoter of Gulf Oil Lubricants India, on Thursday divested a 4 per cent stake in the company for over Rs 263 crore through open market transactions.

According to the block deal data available on the BSE, Gulf Oil International Mauritius Inc. offloaded 19,50,000 shares, amounting to a 3.96 per cent stake in Gulf Oil Lubricants India.

The shares were disposed of at an average price of Rs 1,351 apiece, taking the transaction value to Rs 263.44 crore.

After the stake sale, Gulf Oil International Mauritius' holding has come down to 67.8 per cent from 71.76 per cent.

UTI Mutual Fund (MF), ITI MF, Baroda BNP Paribas MF, JM Financial MF, Aditya Birla Sun Life Insurance, Axis Securities and Societe Generale were among the buyers of Gulf Oil Lubricants India's shares.

Shares of Gulf Oil Lubricants India declined 4.88 per cent to close at Rs 1,370.95 apiece on the BSE.

In a separate transaction on the BSE, Cube Highways and Infrastructure II sold 1.16 crore units or 0.9 per cent unitholding in Cube Highways Trust (Cube InvIT) for a little over Rs 139 crore through an open market transaction.

Cube Highways Trust is one of India's largest private-sector toll road operators.

The units were disposed of at an average price of Rs 120 per unit, taking the deal value to Rs 139.20 crore.

Singapore-based Cube Highways and Infrastructure III Pte Ltd is the sponsor of Cube InvIT.

Cube Highways Trust's unit ended flat at Rs 120 per unit on the BSE.