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GOCL Corporation share price climbed more than 12 percent after its subsidiary entered into definitive agreement with NYSE-listed Quaker Chemical.
"Houghton International, a subsidiary of the Hinduja Group's Gulf Oil International has entered into a definitive agreement to combine with Quaker Chemical," the company said in its filing.
Both companies will create a global leader in the space of process fluids, chemical specialties, and technical expertise to the global primary metals and metal working industries.
The Hinduja conglomerate will be the largest shareholder in the combined public company.
GOCL Corporation, an Indian listed entity of the Hinduja Group which owns 10 percent equity in Houghton International, through its UK based subsidiary, HGHL Holdings Limited will be entitled to approximately 2 percent in the combined entity, the company said.
At 15:27 hours IST, the stock was quoting at Rs 409.00, up Rs 32.35, or 8.59 percent on the BSE.
Posted by Sunil Shankar Matkar
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