Confidence Petroleum to issue warrants to strategic investors

Confidence Petroleum India Ltd has announced that the Board of Directors of the Company at its meeting held on October 10, 2006, inter alia, has taken the following decisions:

1. Allotment of 5,00,00,000 Warrants of Rs 1/- each on Preferential Basis to Strategic Investors / Others: Allotment of 5,00,00,000 Warrants of Rs 1/- each on Preferential Basis will be made to Strategic Investors / Others. subject to the SEBI's Guidelines / Regulations & subject to the Approval of competent authority (ies) including the members of the Company in the General Meeting on such terms and conditions as approved by the Board.

2. Increase the Authorised Share Capital: Increase of Authorised Share Capital of the Company from Rs 5,00,00,000 divided into 5,00,00,000 Equity Shares of Rs 1 each to Rs 21,00,00,000 divided into 21,00,00,000 Equity Shares of Rs 1 each subject to the approval of the members of the Company in the General Meeting.

3. Convening of the Extra Ordinary General Meeting of the Members on November 06, 2006: Convene the Extra Ordinary General Meeting of the members of the Company on November 06, 2006 to authorize the allotment of warrants on Preferential basis to Strategic Investor / Other and to increase the Authorised Share Capital of the Company.

Source : Equity Bulls

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