Schroders urges Gulfsands to engage with Indian suitors

Schroders, the largest shareholder in Gulfsands Petroleum, has called on the UK explorer to open talks with two Indian suitors.

The Sunday Telegraph reported Schroders, which owns a 21.5% stake in Gulfsands, said the group should open negotiations with Oil India and Indian Oil Corp, which last month made an unsuccessful bid to buy the company. Oil India and Indian Oil Corp made a 315p per share bid for Gulfsands on 23 March, valuing the company at about £380m. Gulfsands labelled the offer "wholly inadequate". Schroder UK Mid 250 fund manager Andy Brough, who owns the stock in his portfolio, said at the time the fund manager would be willing to listen to a higher offer.