Mumbai, Oct. 8: Gulf Petrochem Group, a leading UAE-based player in the oil sector, has made an open offer to acquire up to 26 per cent of Sah Petroleums Ltd, a manufacturer of industrial and automotive lubricants in India.

The open offer has been made by Gulf Petrochem’s subsidiaries — Gulf Petrochem Energy and Gulf Petrochem Pte Ltd — to acquire up to 13,255,940 equity shares from Sah’s public shareholders.

The shares represent 26 per cent of Sah Petroleums’ equity capital at a price of Rs 15.70 per share, a company statement said here.

The offer opens on October 10 and is scheduled to close on October 28.

Gulf Petrochem Energy and Gulf Petrochem Pte Ltd had acquired 72.23 per cent in Sah Petroleums on July 31, 2014, pursuant to a share purchase agreement.

This open offer is being made in accordance with the provisions of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011.

“The timing of this deal is perfect as India gears up for its ‘Make in India’ campaign and the government is keen to shape business friendly policies.

“This acquisition fits our strategy to make Gulf Petrochem Group a global conglomerate operating in the oil space and have an integrated portfolio and also extend its capabilities to manufacture, supply and globally distribute a wider variety of products from base oils to finished lubricants,” said Sudhir Goyel, managing director, Gulf Petrochem Group.

Sah Petroleums is among the leading lubricant makers in the country.