Confidence Petroleum India Limited (CONFIPET) has announced the acquisition of an additional 25,00,000 equity shares, representing 50% of the paid-up share capital, in its subsidiary BW Confidence Enterprise Private Limited from BW LPG Infrastructure DMCC. Previously, CONFIPET held a 50% stake in BW Confidence Enterprise Private Limited. With this latest acquisition, the company now holds 100% of the paid-up share capital, making BW Confidence Enterprise Private Limited a wholly owned subsidiary. The acquisition was completed within 7 days, with the shares being acquired at a price of ₹4.536 per share, aggregating to a total consideration of ₹1,13,42,434.29. The transaction was conducted on an arm's length basis. The target entity, BW Confidence Enterprise Private Limited, operates in the Petroleum Gases industry and was originally incorporated as a joint venture, which could not be continued due to commercial and strategic considerations.
