Gulf oil corporation to raise 100 million dollar

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Mumabi, Sep 28 (UNI) Gulf Oil Corporation will raise 100 million dollar from the issue of GDRs, ADRs or through the issue of FCCBs, said the company in a communique to BSE today.

A decision in this regard was taken at the 46th Annual General Meeting (AGM) of the company held here today.

The AGM also approved the sub division of equity shares of Rs 10 each into 5 shares of Rs 2 each.

The company said it also decided to delist equity shares from Hyderabad Stock Exchange. And it will give a dividend of Rs 7.50 per share.

Gulf Oil Corporation had posted a 5.59 per cent rise in net profits for the quarter ended June, 2007. Profits grew to Rs 53.23 million from Rs 50.41 million in the same quarter in last year.

During the period, sales grew by 42.21 per cent to Rs 1,658.13 million.

Shares of GOC rose by 2.94 per cent on Friday to close at Rs 1,487.7 on BSE.


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