Hinduja Group firm GOCL Corporation on Monday said the company, through its UK subsidiary, has decided to divest 2,00,000 shares of Quaker Chemical Corporation, little less than half of its total holding, for USD 35 million (around Rs 257 crore).
“Our company, through its UK subsidiary, namely HGHL Holdings Ltd (HGHL), has beneficial interest in 4,27,395 shares of common stock of Quaker Chemical Corporation / Quaker Houghton, USA,” GOCL Corporation said in a regulatory filing.
The board of directors of HGHL has decided to divest 2,00,000 shares of Quaker Houghton, at a price of USD 175 per share, it informed stock exchanges.
GOCL Corporation said the total value of the divestment will be USD 35 million (approx Rs 257 crore), when completed.
“There will be no tax implication on HGHL under the transaction. The company’s investment in HGHL is GBP 1,00,000,” the company added.
Shares of GOCL Corporation were trading 8.40 per cent higher at Rs 202 apiece on BSE.