Confidence Petroleum India to hike stake in Globe Industrial Resources

To acquire 0.57% of stake taking total holding beyond 25%

Confidence Petroleum India has entered into a Share Purchase Agreement (SPA) with the Promoter of Globe Industrial Resources ('Target Company'), a Company incorporated under the provisions of the Companies Act, 1956 and having its registered office at D-9, Jangpura Extension, New Delhi - 110014 and currently listed on BSE ('BSE') and Metropolitan Stock Exchange of India ('MSEI') for acquiring 11,300 Equity Shares of Rs.10/- each, constituting 0.57% of the Fully Paid Up Equity Share Capital of the Target Company. Pursuant to the said acquisition, the holding of the Company in the Target Company would go beyond 25%. The said acquisition would be subject to the terms of the SPA and necessary statutory and regulatory approvals as may be required.

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