Gulf Oil Corp to raise $100 million from foreign market

Mumbai, Sep 25 : Hinduja Group company Gulf Oil Corp on Thursday said it would raise $100 million (around Rs 460.10 crore) from foreign markets.

The company will raise funds by issuing Global Depositary Receipt, American Depositary Receipt, Foreign Currency Convertible Bonds or otherwise, Gulf Oil Corporation said in a regulatory filing with the Bombay Stock Exchange.

The company took a decision in this regard during its annual general meeting held today.

Further, it has also approved the payment of dividend at Rs 1.50 per share, Gulf Oil Corporation added.

Shares of the company closed at Rs 62.65, down 0.79 per cent on the BSE.