Gulf Oil plans pref float at Rs 505/shr

The board of directors of Gulf Oil Corporation, which will meet on October 25, 2005, will consider a proposal to issue warrants on preferential basis convertible to shares at Rs 505 per share.

According to a release issued by the company to the BSE today, the board meeting will also consider the results for the second quarter ended September 30, 2005.

A proposal to sub-divide the equity shares of the company will also considered at the board meeting, the release added.

The stock closed at Rs 403 on the BSE today with a volume of over 31,000 shares as against the two-week average quantity of 14,483 shares.