Housing finance major HDFC on Wednesday said it has sold 32,53,517 shares, or 2.46% of its stake in Hindustan Oil Exploration Company (HOECL) for Rs 37.19 crore.
Post transaction, HDFC has decreased its stake in HOECL to 8.75% stake from 11.21% held earlier.
The shares were sold in the secondary market through stock exchanges between 19 September 2017 and 7 July 2021 (including these dates) at the prevailing market price, it added.
The sale crossed the 2% threshold on a cumulative basis, on 6 July 2021, it added.
HOECL is an oil and gas company. Its consolidated net profit surged 83.1% to Rs 21.20 crore on a 14% decline in net sales to Rs 28.82 crore in Q4 March 2021 over Q4 March 2020.
Shares of HOECL lost 0.63% to Rs 118.30 on BSE. The stock hovered in the range of Rs 117.65 to Rs 119.85 so far.
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