Stocks

Will Mitcon buy do good to Pudumjee Paper?

| Updated on December 16, 2019

Pudumjee Paper Products on Monday said that it has entered into an agreement to buy 12 lakh equity shares of Mitcon Solar Alliance, constituting 26.67 per cent of the equity, for ₹2.40 crore.

The deal is expected to be completed within a month, it said. The acquisition will help meet the company’s renewable purchase obligation. For FY18-19, Pudumjee Paper had reported a net profit of ₹16.74 crore on revenues of ₹589.52 crore; for Q2 of FY20, the company had posted a PAT of ₹7.64 crore.

Published on December 17, 2019

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