Major Stake Divestitures by Gulf Oil and Cube Highways Reshape Market Dynamics

Gulf Oil International Mauritius Inc. sold a 4% stake in Gulf Oil Lubricants India for over Rs 263 crores, reducing its holding to 67.8%. Buyers included top mutual funds and insurance companies. Cube Highways Trust also sold 1.16 crore units for Rs 139 crore. Both transactions impact market dynamics significantly.

In a significant market move, Gulf Oil International Mauritius Inc. divested a 4% stake in Gulf Oil Lubricants India, generating over Rs 263 crore through open market transactions.

Data from the BSE revealed that Gulf Oil International Mauritius Inc. sold 19,50,000 shares, accounting for a 3.96% stake, at an average price of Rs 1,351 per share. This transaction lowered the company's holding to 67.8% from 71.76%.

Prominent buyers included UTI Mutual Fund (MF), ITI MF, Baroda BNP Paribas MF, JM Financial MF, Aditya Birla Sun Life Insurance, Axis Securities, and Societe Generale. Shares of Gulf Oil Lubricants India dipped 4.88%, closing at Rs 1,370.95 each on the BSE.

Additionally, Cube Highways and Infrastructure II sold 1.16 crore units, or a 0.9% stake, in Cube Highways Trust for a little over Rs 139 crore. The units were sold at an average price of Rs 120 each. Cube Highways Trust, a major toll road operator, saw its unit price remain flat at Rs 120 on the BSE. The transactions mark notable changes in market dynamics.

(With inputs from agencies.)