West Coast Paper shares rallied 13 percent intraday on May 30 after the company decided to acquire International Paper APPM which has a market capitalisation of around Rs 1,660 crore.
The company entered into a share purchase agreement with existing promoters of the International Paper - namely International Paper Investments (Luxembourg) S.A.R.L. Luxembourg and IP
International Holdings Inc. USA, to acquire 51-60 percent stake in International Paper APPM, which makes and sells pulp, paper and paper boards.
"West Coast agreed to acquire stake in International Paper in the range of a minimum of 2,02,82,720 equity shares, at a price of Rs 275, aggregating to Rs 557.77 crore and up to a maximum of 2,38,62,023 equity shares (representing 60 percent of paid-up equity) at Rs 656.20 crore, after the completion of the open offer," company said in its filing.
West Coast Paper Mills was quoting at Rs 285, up Rs 22.65, or 8.63 percent while International Paper APPM was down 2.78 percent at Rs 417.40 on the BSE, at 9:37 hours IST.
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