HDFC offloads 2.46% stake in Hindustan Oil Exploration; Stocks trade flat

The Corporation has sold 32,53,517 shares representing 2.46% of the paid-up share capital of HOECL at a total consideration of Rs37.19cr.

Jul 08, 2021 09:07 IST India Infoline News Service

Stock Market
Housing Development Finance Corporation Limited (HDFC) informed the exchanges Wednesday that out of 1,48,26,303 equity shares of Rs10 each held by the Corporation in Hindustan Oil Exploration Company Limited (HOECL), the Corporation has sold 32,53,517 shares representing 2.46% of the paid-up share capital of HOECL at a total consideration of Rs37.19cr.

“The shares have been sold between September 19, 2017 and July 7, 2021 (including these dates). The sale crossed the 2% threshold on a cumulative basis, on July 6, 2021. The sale transactions were carried out through stock exchanges at the prevailing market price,” company said in a filing.

It further said, HOECL was incorporated in India on September 22, 1983 and is engaged in the exploration, development and production of crude oil and natural gas in Jndia1 both onshore and offshore.

The Company is a participant in various oil and gas blocks / fields which are in the nature of joint operation through Production Sharing Contracts (PSC) entered by the Company with Government of India along with other entities.

At around 10.00 AM, Housing Development Finance Corporation Ltd was trading at Rs2,520 per piece down by Rs8.35 or 0.33% from its previous closing of Rs2,528.35 per piece on the BSE.

Hindustan Oil Exploration Company Ltd was trading at Rs118.90 per piece down by Rs0.15 or 0.13% from its previous closing of Rs119.05 per piece on the BSE.

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