Intimation for acquisition of Subsidiary
CONFIPET · price
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On the reaction day the stock moved 0.7 pts more than Nifty Microcap 250 and 0.9 pts more than its LPG/CNG/PNG/LNG Supplier peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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Confidence Petroleum India Limited has acquired the remaining 50% stake (25,00,000 equity shares) in BW Confidence Enterprise Private Limited from BW LPG Infrastructure DMCC for a total consideration of Rs. 1,13,42,434.29 at Rs. 4.536 per share. With this acquisition, BW Confidence Enterprise Private Limited becomes a wholly owned subsidiary of Confidence Petroleum. The target entity operates in the petroleum gases sector and was originally set up as a joint venture between the two parties, which could not be continued due to commercial and strategic considerations. The transaction was a cash deal done at arm's length basis and is expected to be completed within 7 days.
This is a relatively small acquisition (about Rs. 1.13 crore) that consolidates full ownership of an existing JV partner into a wholly owned subsidiary. Shareholders should note this simplifies the corporate structure and gives the company full control, though the financial impact is minor given the small deal size.