HDFC Ltd sells 2.46% stake in Hindustan Oil Exploration Co

HDFC Ltd on Wednesday said that it has sold 2.46% stake in Hindustan Oil Exploration Company (HOECL)

In a regulatory filing, HDFC Ltd stated, "We wish to inform you that out of 1,48,26,303 equity shares of Rs. 10 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."

The sale transactions were carried out through stock exchanges at the prevailing market price. The total consideration for the sale of 32,53,517 shares is Rs. 37.19 crore, HDFC stated.

For the financial year ended on March 31, 2021, the standalone total revenue of HOECL, aggregated Rs. 11 1.26 crore and the balance sheet size was Rs. 1,035.27 crore.

HOECL is engaged in the exploration, development and production of crude oil and natural gas in India, both onshore and off shore. 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.

On Wednesday, HDFC Ltd shares closed 1.43% higher on BSE at ₹2,532.00 apiece.