Hinduja owned GOCL Corporation announced today morning that through its UK subsidiary, namely HGHL Holdings Limited (HGHL), has decided to divest 2,00,000 shares of Quaker Chemical Corporation, little less than half of its total holding, for $ 35 million (around Rs 257 crore s @ USD 1 to Rs. 73.44) – this is at a price of $175/share.
HGHL Holdings has beneficial interest in 4.27 lakh shares of common stock of Quaker Chemical Corporation/Quaker Houghton, USA, GOCL Corp.
There will be no tax implication on HGHL under the transaction.
The company’s investment in HGHL is GBP 1,00,000.
The stock price has reacted positively to this news and it rose almost 14.5% to hit an intraday high at Rs.213.15.