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The Board of Confidence Petroleum India at its meeting held on 30 November 2023 has approved issue of up to 82,29,120 equity shares of Re 1 each of the Company to BW VLGC by way of a preferential issue on a private placement basis at a price of Rs 88.60 per equity share.
The Board approved draft of the Share Subscription Agreement and Shareholders' Agreement to be entered into between the Company, BW VLGC, BW LPG Holding, Nitin Punamchand Khara and Elesh Punamchand Khara.
Further, the Board approved the drafts of the Share Subscription Agreement and Shareholders' Agreement in relation to formation of a 50/50 joint venture with BW VLGC, named “BW Confidence Enterprise" in India with the objective of developing LPG infrastructure and optimizing seaborne LPG imports into India. This JV will also enter into further JV agreement with Ganesh Benzoplast to develop and proposes to develop and operate a new LPG onshore import terminal at Jawaharlal Nehru Port Association (JNPA) Port in Navi Mumbai, India.
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