Confidence Petroleum India has raised ₹78 crore through private placement. The LPG cylinder manufacturer has allotted 1,50,00,000 equity shares, on preferential basis at ₹52 a share to Jasol Investment and Trading Company - an Americorp group company, and Global Strong Growth Fund. Subsequently, the company’s paid-up capital has increased to ₹27.38 crore.
The new investors will hold 5.48 per cent stake in the company, Confidence Petroleum said in a statement to the exchanges. Besides, its board of directors has also approved a fund-raise of ₹104 crore from its promoters by issuing two crore equity share warrants under preferential allotment at ₹52 a share.
With the funds raised, the company plans to set up 200 auto LPG dispensing stations by FY2019 and 500 by FY2022. Shares of BSE-listed Confidence Petroleum slumped 3.62 per cent at ₹49.20.
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.