GOCL Corporation said that it has entered into a share purchase/sale agreement with Apollo Defence Industries for divestings its entire stake in IDL Explosives, the company's wholly owned material subsidiary.
Apollo Defence Industries is a subsidiary of Apollo Micro Systems.
For the year ended on 31 March 2024, IDL Explosives (IDLEL) had recorded a turnover of Rs 623 crore, constituting about 87% of the consolidated turnover of the company and its subsidiaries. The net worth of IDLEL is Rs.10 crore, constituting 0.71% of the consolidated net worth.
The consideration for sale of the entire equity share capital of IDLEL is Rs 107 crore.
The transaction is expected to be consummated in about 2 to 3 months subject to fulfilment of certain conditions laid down in the agreement, the company stated.
GOCL Corporation (GOCL), formerly Gulf Oil Corporation, is a part of the Hinduja Group. GOCL is a multi division, multi-location company, a leader in businesses in energetics, commercial explosives and realty. It GOCL is a Star House exporter of energetic and commercial explosive products to over 20 countries.
The company's consolidated net profit surged to Rs 92.40 crore in the quarter ended December 2024 as against Rs 15.44 crore during the previous quarter ended December 2023. Sales declined 17.29% to Rs 138.20 crore in Q3 FY25 over Q3 FY24.
The scrip had advanced 1.42% to end at Rs 285 on the BSE on Friday.
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