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.