Confidence petroleum India Limited announced the outcome of its Board of Directors meeting held on April 10, 2026, at the company's corporate office. The board approved several key resolutions related to an upcoming Extra-Ordinary General Meeting and associated procedural arrangements.

Extra-Ordinary General Meeting Details

The board has scheduled the Extra-Ordinary General Meeting for Saturday, May 2, 2026, at 1:00 PM. In line with current practices, the meeting will be conducted through Video Conferencing and Other Audio-Visual Means to ensure broader shareholder participation.

Key Agenda Items

The EGM will address three special business items. The primary agenda includes the appointment of M/s. Katariya and Munot, Chartered Accountant (Firm Registration No. FRN-128438W) as joint statutory auditor of the company following the resignation of L N J & Associates, Chartered Accountants.

Electronic Voting Arrangements

Complying with Regulation 44 of SEBI (LODR) Regulations, 2015, the company will provide electronic voting facility to its members through NSDL's electronic voting platform. This facility will be available to all shareholders holding shares in either physical or demat mode as on the cut-off date of April 24, 2026.

Borrowing Limits Enhancement

The company proposes to enhance its borrowing limits from the previously approved ₹500 crores to ₹1000 crores under Section 180(1)(c) of the Companies Act, 2013. This enhancement aims to support the company's increased scale of operations, future growth plans, capital expenditure, and working capital requirements. The enhanced borrowing limit may exceed the aggregate of the paid-up share capital, free reserves and securities premium of the company.

Scrutinizer Appointment

The board has appointed CS Siddharth Sipani, a Practicing Company Secretary from Nagpur (Membership No. ACS 28650 & C.P. NO. 11193), as the scrutinizer to oversee and scrutinize the e-voting process. This appointment ensures transparency and compliance with regulatory requirements for the electronic voting procedure.

Board Meeting Timeline

The board meeting commenced at 12:30 PM and concluded at 1:15 PM on April 10, 2026. The meeting was held at the company's corporate office located at Confidence Tower, 34 Central Bazar Road, Ramdaspeth, Nagpur. Company Secretary Prity Bhabhra digitally signed the official communication to the stock exchanges, confirming the board's resolutions and ensuring regulatory compliance under Regulation 30 of the listing regulations.

Confidence petroleum India Limited has successfully completed the acquisition of BW Confidence Enterprise Private Limited, converting it into a wholly owned subsidiary through a strategic cash transaction worth Rs. 1,13,42,434.29.

Acquisition Details

The company acquired 25,00,000 equity shares representing the remaining 50% stake in BW Confidence Enterprise Private Limited from BW LPG Infrastructure DMCC. The acquisition was completed at Rs. 4.536 per share through cash payment via banking channels.

Company Background and Structure

BW Confidence Enterprise Private Limited operates in the petroleum gases industry with an authorized share capital of Rs. 8,00,00,000 divided into 80,00,000 equity shares of Rs. 10 each. The entity was originally incorporated as a joint venture with Confidence Petroleum India Limited but the joint venture arrangement could not be continued due to commercial and strategic considerations.

Prior to this acquisition, Confidence Petroleum already held a 50% stake in BW Confidence Enterprise. With the completion of this transaction, the company now holds 100% shareholding, making BW Confidence Enterprise a wholly owned subsidiary.

Transaction Framework

The acquisition was conducted as a related party transaction on an arm's length basis, complying with all applicable regulatory provisions. The company completed the acquisition within 7 days as indicated in the regulatory filing.

Strategic Rationale

The acquisition enables Confidence Petroleum India Limited to gain complete control over BW Confidence Enterprise's operations in the petroleum gases sector. The transaction was necessitated after BW LPG Infrastructure DMCC decided to sell its stake, providing Confidence Petroleum the opportunity to acquire full ownership of the entity.

The company has informed both the National Stock Exchange of India Limited and The Bombay Stock Exchange about this acquisition under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, ensuring full regulatory compliance and transparency.