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West Coast Paper Mills Limited has come out with an open offer for acquisition of 25 per cent stake in International Paper APPM Limited. The company’s mother plant is located at Rajahmundry and the second plant at Kadiam, both in Andhra Pradesh.
ICICI Securities on behalf of West Coast paper Mills Limited through a regulatory announcement to BSE has informed about the move to acquire 99,42,510 fully paid up shares of face value of Rs 10 each from the public shareholders of International Paper APPM Limited, representing 25 per cent of fully diluted voting equity shares capital.
Subject to various mandatory clearances including that of SEBI, the offer price has been pegged at Rs 450.63 payable at per equity share calculated in accordance with SEBI regulations.
Late on Wednesday, IP APPM Limited had announced it has entered into a share purchase agreement between promoters of IP APPM Limited -- International Paper Investments Holdings Inc, (Sellers) and West Coast Paper Mills Limited (Buyers) for sale of minimum of 51 per cent and up to 60 per cent of the paid up capital.
The shares of IP APPM are held by International Paper Investments (Luxembourg), SARL Luxembourg and IP International Holdings Inc, USA.
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