Confidence Petroleum India Limited Acquires Remaining Stake, Making Subsidiary Wholly Owned
Confidence Petroleum India Limited has acquired 25,00,000 equity shares from BW LPG Infrastructure DMCC. This acquisition represents 50% of the paid-up share capital of BW Confidence Enterprise Private Limited. With this purchase, Confidence Petroleum India Limited now holds a majority stake, making BW Confidence Enterprise Private Limited a wholly owned subsidiary of the Company.The transaction involved the purchase of equity shares in cash, with payment processed through banking channels. The total consideration for the acquisition of 25,00,000 equity shares was Rs. 1,13,42,434.29, at a price of Rs. 4.536 per share.
Details of the Acquisition
The acquisition targets BW Confidence Enterprise Private Limited. According to records, BW Confidence Enterprise Private Limited has an authorized share capital of Rs. 8,00,00,000, divided into 80,00,000 Equity Shares of Rs.10/- each.The transaction structure shows that the Company was previously holding a 50% stake in BW Confidence Enterprise Private Limited. By acquiring the remaining 50% stake, the control structure shifted, making the subsidiary wholly owned by Confidence Petroleum India Limited.
The details of the shareholding and control acquired are summarized in the table below:
| Metric | Detail |
|---|---|
| Shares Acquired | 25,00,000 equity shares |
| Percentage Acquired | 50% stake |
| Total Consideration | Rs. 1,13,42,434.29 |
| Price Per Share | Rs. 4.536 |
| Resulting Shareholding | 100.00% shareholding |
Background and Scope
BW Confidence Enterprise Private Limited was incorporated to conduct business operations in India as a joint venture with Confidence Petroleum India Limited. However, the joint venture arrangement was discontinued due to commercial and strategic considerations, necessitating the current acquisition.The industry to which the acquired entity belongs is Petroleum Gases. The transaction was confirmed to be done at an arm's length basis. The time period indicated for the completion of the acquisition was within 7 days.
In addition to the stake acquisition, the Company also noted that the total shareholding in BW Confidence Enterprise Private Limited reached 100.00% after the purchase, confirming its status as a wholly owned subsidiary.
CONFIPET Stock Price Movement
Shares of Confidence Petroleum India Limited today slipped by 9.99% to settle at ₹53.85. The stock closed on a considerable volume of 8.38 million shares traded throughout the day.Source:
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