Confidence Petroleum India Limited has now completed an investment in Confidence Futuristic Energetech Limited, a subsidiary of the company. Confidence Petroleum acquired 66 lakh equity shares through preferential allotment. The cost of acquisition is Rs120 per share.
The Board of Directors of the Company at its meeting held on October 30, 2021, had approved an investment in Confidence Futuristic Energetech. The acquired company is engaged in the business of Retail LPG & CNG Cylinder manufacturing.
The turnover of the company for FY21 was Rs1.41 crore, the company said in the filing.
At around 10.02 AM, Confidence Petroleum India Ltd was trading at Rs72.70 per piece down by Rs0.4 or 0.55% from its previous closing of Rs73.10 per piece on the BSE.
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