Gulfsands bid approach by Indian Oil Corp -source

LONDON, March 21 (Reuters) - Indian Oil Corporation (IOC.BO), India's largest company by revenues, is the bidder behind the approach to UK-listed Gulfsands Petroleum (GPX.L), a source close to the situation confirmed on Sunday.

The Syria-focused oil explorer last week rejected an unsolicited takeover approach of around 350 pence per share, saying the proposal was "wholly inadequate" [ID:nLDE62I0CA].

The company, whose shares closed at 308 pence on Friday, is due to upgrade its reserves estimate before the end of March, potentially boosting its valuation. (Reporting by Rosalba O'Brien; Editing by Hans Peters)