HDFC Sells Over 2 Pc Stake, In Oil Explorer HOEC During July-Mar For Rs 61 Cr

Country's largest mortgage lender HDFC Ltd has sold over 28.89 lakh shares held in Hindustan Oil Exploration Ltd (HOEC) during July 2021 to March 2022 for Rs 61 crore.

Out of 1,15,72,786 equity shares of Rs 10 each held by the Corporation in Hindustan Oil Exploration Company Ltd (HOEC), the Corporation has sold 28,89,638 shares representing 2.19 per cent of the paid-up share capital of HOEC, HDFC said in a regulatory filing on Friday. Housing Development Finance Corporation (HDFC) said the shares were sold on the secondary market through stock exchanges. HDFC said the shares have been sold between July 9, 2021 and March 24, 2022 (including these dates). The sale crossed the 2 per cent threshold on a cumulative basis, on March 24, 2022.

"The sale transactions were carried out through stock exchanges at the prevailing market price. The total consideration for the sale of 28,89,638 equity shares is Rs 61.04 crore," HDFC said. HOEC, which is engaged in exploration, development and production of crude oil and natural gas in India, both onshore and offshore, was incorporated in September 1983.

The company participates in various oil and gas blocks which are in the nature of joint operation through production sharing contracts between the company and government along with other entities. In 2020-21, the company had standalone income of Rs 111.26 crore. In FY20, its income was Rs 201.41 crore, while in FY19, it was Rs 246.96 crore. Stock of HDFC Ltd were trading at Rs 2298.60 apiece on BSE, down by 0.53 per cent from previous close.

(PTI)