Confidence Petroleum India jumps on acquiring 99.99% stake in Punjab Petroleum Corporation
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Confidence Petroleum India is currently trading at Rs. 82.60, up by 1.72 points or 2.13% from its previous closing of Rs. 80.88 on the BSE.
The scrip opened at Rs. 81.14 and has touched a high and low of Rs. 83.29 and Rs. 81.14 respectively. So far 43986 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 119.95 on 19-Feb-2024 and a 52 week low of Rs. 62.65 on 04-Jun-2024.
Last one week high and low of the scrip stood at Rs. 83.29 and Rs. 80.01 respectively. The current market cap of the company is Rs. 2744.31 crore.
The promoters holding in the company stood at 56.12%, while Institutions and Non-Institutions held 3.27% and 40.61% respectively.
Confidence Petroleum India (CPIL) has acquired 99.99% of the equity share capital i.e. 22,50,000 equity shares of face value of Rs 10 each of Punjab Petroleum Corporation (PPCL). Consequentially, Punjab Petroleum Corporation will be a Subsidiary of the Company with effect from July 1, 2024.
The company and PPCL both belongs to Gas and Petroleum Industry and engage in the business of LPG bottling and Cylinder Manufacturing.
Confidence Petroleum India is an India-based manufacturer of liquefied petroleum gas (LPG) cylinders for domestic, as well as commercial use. The company is engaged in the sale of cylinder, LPG bottling and filling/DPT/transport.
