AP Paper sale hoists shares - Hindustan Times
close_game
close_game

AP Paper sale hoists shares

PTI | ByPress Trust of India, Mumbai
Mar 30, 2011 10:21 PM IST

Shares of paper firms on Wednesday surged by up to 20% on BSE, spurred by investor activity in the wake of buyout deals between US-based International Paper and Andhra Pradesh Paper Mills.

Shares of paper firms on Wednesday surged by up to 20% on BSE, spurred by investor activity in the wake of buyout deals between US-based International Paper and Andhra Pradesh Paper Mills.

HT Image
HT Image

Andhra Pradesh Paper Mills led the gains among paper mills, surging by the 20% to touch its upper limit to R236.15 on BSE.

Hindustan Times - your fastest source for breaking news! Read now.

JK Paper was up by 19.96% to R57.70 and West Coast Paper Mills closed 17.11% higher at R90 a piece. Ballarpur Industries accelerated by 16.38% to R37.65 and Tamil Nadu Newsprint & Papers jumped 9.44% at R133.95 on BSE.

“The surge in paper stocks are mainly attributed to sentimental buying in the wake of acquisition of AP Paper Mills by US-based International Paper,” said Rajesh Jain, Religare Securities executive vice-president and head of retail research.

On Tuesday, International Paper signed agreement with the Kolkata-based L N Bangur Group to buy a 53.5% stake in AP Paper Mills for about $257 million.

International Paper will also launch a mandatory public tender offer to acquire additional, up to 21.5%, of the outstanding shares of AP Paper Mills for approximately $104 million in cash. The broader market index Sensex closed 169.38 points higher at 19,290.18 level.

Unlock a world of Benefits with HT! From insightful newsletters to real-time news alerts and a personalized news feed – it's all here, just a click away!- Login Now!
Stay informed on Business News along with Gold Rates Today, India News and other related updates on Hindustan Times Website and APPs
SHARE THIS ARTICLE ON
Share this article
SHARE
Story Saved
Live Score
OPEN APP
Saved Articles
Following
My Reads
Sign out
New Delhi 0C
Thursday, March 28, 2024
Start 14 Days Free Trial Subscribe Now
Follow Us On