Biznextindia: The shares of Hinduja Group controlled GOCL has risen by 11 per cent to Rs.207 on early trade Monday following the company’s announcement of stake divestment from USA based Quaker Houghton. The total value of the divestment is expected to be about USD 35 million when completed.
The company has informed the stock exchanges that the Board of Directors of its UK subsidiary HGHL Holdings Limited (HGHL), at its Meeting held on 18th September 2020, has 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 USD 35 million (approx. Rs.257 crores @ USD 1 to Rs. 73.44) when completed. There will be no tax implication on HGHL under the transaction.
HGHL Holdings Limited (HGHL), has a beneficial interest in 4,27,395 shares of Common Stock of Quaker Chemical Corporation / Quaker Houghton, USA. The Company’s investment in HGHL is GBP 1,00,000.