GOCL divests stake in Quaker Houghton
Company's UK subsidiary, HGHL Holdings, has decided to divest 2 lakh shares of Quaker Houghton at a price of Rs 175 per share.
GOCL Corporation through its UK subsidiary, HGHL Holdings, has decided to divest 2 lakh shares of Quaker Houghton at a price of Rs 175 per share.
HGHL Holdings has beneficial interest in 4.27 lakh shares of common stock of Quaker Chemical Corporation/Quaker Houghton, USA, GOCL Corporation said in an exchange filing.
"The Board of Directors of HGHL has, at its Meeting held on 18th September 2020, decided to divest 2,00,000 shares of Quaker Houghton, at a price of $175 per share. The total value of the divestment will be $35 million (approx. Rs.257 crores) when completed. There will be no tax implication on HGHL under the transaction," the company said.
GOCL Corp's investment in HGHL is 1 lakh pounds.
GOCL Corp reported a 44.73% dip YoY in Q1FY21 and sales stood at Rs 12.24 crore. However the net profit rose 108.74% per cent to Rs 2.12 crore from Rs 1.02 crore in Q1FY20.
On August 25, the company informed that it has received communication from Hinduja Capital, Mauritius (promoters of the company), whose shareholding in the company is considered as foreign direct investment, about their plans to reduce the shareholding in the company by about 1.10 per cent (from 74.93 per cent to 73.83 per cent) by sale of requisite number of shares in the open market.
"This will enable the company to take up and expand its business in the defence sector in line with the recent announcement of the Govt. of India," the company said. Notably, The government recently announced a new policy raising the cap of foreign direct investment through automatic approval in the defence sector from 49 per cent to 74 per cent.
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