Abu Dhabi: Gulf Petrochem Group said on Thursday it has made an open offer to acquire 26 per cent of Sah Petroleums Ltd, a leading manufacturer of industrial and automotive oil lubricants in India, from its public shareholders.
This follows the group’s 72.23 per cent acquisition of the company on July 31, pursuant to a share purchase agreement, the company said in a statement on Thursday.
The open offer has been made by Gulf Petrochem’s subsidiaries, Gulf Petrochem Energy Private Ltd and Gulf Petrochem Private Ltd to acquire 13,255,940 equity shares representing 26 per cent of Sah Petroleums Ltd’s share capital at a price of Rs15.70 per share.
The open offer will commence on October 10 and is scheduled to close on October 28. This open offer is being made in accordance with the provisions of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, the company said in a statement.
“This acquisition fits our strategy to enhance Gulf Petrochem Group’s standing as a global conglomerate operating in the oil space. It further consolidates our integrated portfolio by extending our capabilities to manufacture, supply and globally distribute a wider variety of products, from base oils to finished lubricants.” said Sudhir Goyel, Managing Director, Gulf Petrochem Group.
Sah Petroleums is among the leading lubricant manufacturers in India. It specialises in industrial lubricants, automotive lubricants, process oils, transformer oils, greases and other specialities under the brand name IPOL in India and overseas.
According to the company, the acquisition will further bolster Gulf Petrochem Group’s offerings which are currently divided into six divisions in refining, storage terminals, trading and bunkering, bitumen and grease manufacturing and shipping and logistics.