Confidence Petroleum India has entered into a Share Purchase Agreement (SPA) with the Promoter of Globe Industrial Resources (GIR), a company incorporated under the provisions of the Companies Act, 1956 and having its registered office at New Delhi and currently listed on 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 GIR.

Pursuant to the said acquisition, the holding of the company in GIR 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.

Shares of the company gained Rs 0.15, or 0.83%, to trade at Rs 18.25. The total volume of shares traded was 12,546 at the BSE (9.54 a.m., Wednesday).