Gulf Oil International Mauritius Inc., the promoter of Gulf Oil Lubricants India, has successfully sold a 4% stake in the company, generating over ₹263 crore through open market transactions. This move reflects the ongoing dynamics of share market investment as stakeholders adjust their positions in response to market conditions.
Stake sale details
As reported in the block deal data from the Bombay Stock Exchange (BSE), Gulf Oil International Mauritius Inc. offloaded a total of 1,950,000 shares, which constitutes approximately 3.96% of Gulf Oil Lubricants India. The shares were sold at an average price of ₹1,351 each, bringing the total transaction value to ₹263.44 crore. Following this sale, the holding of Gulf Oil International Mauritius in Gulf Oil Lubricants India has decreased from 71.76% to 67.8%.
Several notable entities, including UTI Mutual Fund, ITI Mutual Fund, Baroda BNP Paribas Mutual Fund, JM Financial Mutual Fund, Aditya Birla Sun Life Insurance, Axis Securities, and Societe Generale, were among the buyers of the shares. Despite this significant transaction, the shares of Gulf Oil Lubricants India fell by 4.88%, closing at ₹1,370.95 per share on the BSE.
Cube Highways Trust transaction
In a separate transaction, Cube Highways and Infrastructure II divested 1.16 crore units, or 0.9% of its holding in Cube Highways Trust (Cube InvIT), for just over ₹139 crore. This open market sale is noteworthy as Cube Highways Trust ranks among India’s largest private-sector toll road operators. The units were sold at an average price of ₹120 each, leading to a total deal value of ₹139.20 crore.
Cube Highways and Infrastructure III Pte Ltd, based in Singapore, sponsors Cube InvIT. Following this transaction, Cube Highways Trust units remained stable, closing flat at ₹120 each on the BSE.
Key takeaways
This recent activity in the share market underlines the ongoing shifts in investment strategies among major players, providing insights for future share market investment decisions.
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