Following the buyout of Andhra Pradesh Paper Mills Ltd by the NYSE-listed International Paper, the new management has restructured its Board composition, making Mr Paul Brown its Chairman and Chief Executive Officer.
The members of the L.N. Bangur family, who first sold out their interest in AP Paper Mills, submitted their resignation along with its managing director.
Consequently, the company appointed Mr Paul Brown as Chairman and Managing Director, designated as Chairman and CEO, with effect from October 15. It also appointed Mr Thomas Gustave Kadien, Mr Brett Allen Mosley and Mr Shreeyash Bangur as additional directors.
According to filings with exchanges, the board changes also meant that Mr M. K. Tara ceased to be Managing Director and CEO of the company. In addition, the Board accepted the resignation of Mr L. N. Bangur, Executive Chairman, Ms Sheetal Bangur, Director (Commercial) and Mr Shreeyash Bangur, Director (Corporate).
Meanwhile, in separate notifications, several entities notified the exchanges about selling their stakes to IP Holdings. The Oriental Insurance Company Limited (OICL) has informed BSE that OICL had participated in the cash offer of AP Paper Mills by IP Holding Asia Singapore PTE Limited, along with International Paper Company as Person Acting in Concert (PAC) on September 23, 2011.
Consequently, 7,07,592 equity shares of AP Paper Mills , constituting 1.78 per cent of its total equity capital at a price of Rs 544.20 an equity share was accepted in the cash offer on October 7.