Gulf Oil Corporation has mentioned that it has got its members approval for garnering new funds via several routes. Company’s members have sanctioned increasing of $100 million via issue of American depository receipts / global depository receipts / foreign currency convertible bonds or otherwise.
Besides, the board have also sanctioned increasing funds of the company by issuing nearly 2, 47, 86,245 equity shares of Rs.2 each at a payment of Rs.30 on each share on a right basis.
Gulf Oil Corporation works in the area of lubricants, specialty oils, industrial explosives, mining products and chemicals, dynamic pharmacy ingredients and pharmacy formulations.