Andhra Pradesh Paper Mills is currently locked at its upper circuit limit of Rs. 236.15, up by 39.35 points or 19.99 % from its previous closing of Rs. 196.80 on the BSE.
The scrip opened at Rs. 236.15 and has touched a high and low of Rs. 236.15 and Rs. 236.15 respectively. So far 9,781 shares were traded on the counter.
The BSE group 'B' stock of face value Rs. 10 has touched a 52 week high of Rs. 244.00 on 06-Sep-2010 and a 52 week low of Rs. 76.50 on 31-Mar-2010.
Last one week high and low of the scrip stood at Rs. 236.15 and Rs. 172.20 respectively. The current market cap of the company is Rs. 939.17 crore.
The promoters holding in the company stood at 53.46 % while Institutions and Non-Institutions held 21.36 % and 25.19 % respectively.
International Paper has entered into agreements with LN Bangur, and related family members and affiliates to purchase about 53.5% of the outstanding shares of Andhra Pradesh Paper Mills (APPM) for about $257 million in cash. In addition, International Paper has agreed to pay a $62 million non-compete payment to the sellers.
Pursuant to Indian securities law, International Paper will also launch a mandatory public tender offer to acquire up to an additional 21.5% of the outstanding shares of APPM for approximately $104 million in cash. International Paper anticipates acquiring up to 75% of the company’s outstanding shares through these two transactions.
APPM is one of the leading integrated paper manufacturers in India, with two mills with combined capacity of about 250,000 tonnes of uncoated freesheet paper annually. The existing and capable management team and 2,500 employees of APPM will continue to operate the business, supplemented by additional IP leadership and technical resources.
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