Housing finance major HDFC Ltd on Wednesday said it has divested 2.46 per cent of its stake in Hindustan Oil Exploration Company (HOECL) for Rs 37 crore.
HDFC held 1,48,26,303 equity shares of HOECL.
The Corporation has sold 32,53,517 shares representing 2.46 per cent of the paid-up share capital of HOECL, HDFC said in a regulatory filing on Wednesday.
The shares were sold in the secondary market through stock exchanges between September 19, 2017 and July 7, 2021 (including these dates) at the prevailing market price, it added.
“The total consideration (all cash consideration) for the sale of 32,53,517 shares is Rs 37.19 crore.”
The sale crossed the 2 per cent threshold on a cumulative basis, on July 6, 2021, it added.
For fiscal ended March 31, 2021, HOECL standalone total revenue stood at Rs 111.26 crore and the balance sheet of the company was of the size of Rs 1,035.27 crore.
The company which is engaged in the exploration, development and production of crude oil and natural gas in India, both onshore and offshore was incorporated in 1983.
The company participates in various oil and gas blocks/fields in the nature of joint operation through production sharing contracts with the government along with other entities.
HDFC shares closed 1.41 per cent up at Rs 2,528.35 apiece on BSE while HOECL ended 1.81 per cent down at Rs 119.05.