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Confidence Petroleum India Limited announced decisions following its board meeting on November 30, 2023. The board approved a preferential issue of up to 2,82,29,120 equity shares to BW LPG Ltd at ₹88.60 per share, subject to shareholder and regulatory nods. Drafts of Share Subscription and Shareholders’ Agreements with BW LPG Holding Pte Ltd were also reviewed.
The company is set to establish a 50/50 joint venture named “BW Confidence Enterprise Private Limited’‘ with BW VLGC Pte Ltd, focusing on LPG infrastructure development. BW LPG will inject $30 million into Confidence Petroleum through preferential allotment.
Furthermore, BW Confidence Enterprise Private Limited and Ganesh Benzoplast have inked an agreement to jointly develop an onshore LPG import terminal at Jawaharlal Nehru Port Trust in Mumbai. The company has scheduled a General Meeting on December 26, 2023, for shareholder approval. The company emphasized the significance of these initiatives in fortifying its position in the LPG industry and supporting national initiatives such as the Pradhan Mantri Ujjwala Yojana.
However, the company’s shares fell 1.01 per cent to ₹100.56 at 10.44 am on the BSE.
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