Stocks of Andhra Pradesh Paper Mills Ltd rose 19.99 per cent on Wednesday on the proposal of International Paper, the $25-billion NYSE-listed paper and packaging major, to acquire 75 per cent stake in the Bangurs' promoted firm.
Andhra Pradesh Paper (APPML) stocks closed the day at Rs 236.15 at the BSE, against Tuesday's closing price of 196.80.
The Bangurs, represented by Mr L.N. Bangur, informed the stock exchanges in a statement today that the promoters of APPM will exit their stake of 53.46 per cent — equivalent to 2,12,60,008 shares of Rs 10 each. The balance equity is held by domestic and foreign institutional investors (0.91 per cent and 20.45 per cent respectively) and others (25.12 per cent).