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Confidence Petroleum, one of the leading manufacturers of LPG cylinders and a prominent supplier of Auto LPG in India, released a pledge of 40 lakh shares or 1.41 percent equity On December 30 and with this, the total pledge now stands at around 17 percent.

Speaking to CNBC-TV18 after the release, Nitin Khara, chairman and chief MD of the company said the company will release the complete pledge this month, adding that the pledge was done because of fund requirements.

"There was an urgent requirement for funds for our company and that is why we pledged. A small quantity is still pending that we will remove by this month's end. So, the promoter holding after this warrant will be around 61 percent," said Khara.

Talking about debt, he said it is around Rs 35 crore and has been reduced by about 50 percent in the last year.

Also Read | Confidence Petroleum targeting 50-80 new outlets in the current financial year

On the business front, the company added 3 bottling plants in Q3 and now has a total of 61 LPG bottling plants.

For the September quarter, Confidence Petroleum reported a 7.5 percent growth in overall sales compared to last year while net profit declined nearly 30 percent. The operating margin also dipped to 12.1 percent from 14.4 percent during the same period last year.

Also Read | These states provide subsidies on LPG cylinders to poor families

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