Confidence Petroleum approves merger of companies

The Board of Directors of Confidence Petroleum India Ltd at its meeting held on June 13, 2007 has in principal approved the proposed scheme of arrangement of the Company with Maharashtra Cylinders Pvt Ltd, Khara Gas Equipments Pvt Ltd, Hans Gas Appliances Pvt Ltd, companies being engaged in the similar line of business. The Board has also appointed a reputed Chartered Accountant as an Independent Valuer for the valuation of the companies on the basis of which the exchange ratio will be determined and the scheme of arrangement will be prepared. The Board of all the companies will meet on June 20, 2007 for discussing the exchange ratio.

The Board issued 5 crore Equity shares of Re 1 each pursuant to the conversion of warrants which were earlier allotted to the strategic investors on preferential basis.

The stock closed the day at Rs.7.70, down by Rs.0.13 or 1.66%. The stock hit an intraday high of Rs.8.19 and low of Rs.7.50. The total traded quantity was 45790 compared to 2 week average of 256100.

Source : Equity Bulls

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