International Paper to buy 53.5% stake in AP Paper Mills

Andhra Pradesh Paper Mills (AP Paper Mills)touched an intraday high of Rs 236.95 and an intraday low of Rs 236.95. At 09:19 hrs the share was quoting at Rs 236.95, up Rs 39.50, or 20.01% on the NSE.

International Paper is going to buy 53.5% stake in the company for USD 257 million. It is going to make open offer for 21.5% stake in the company. International Paper will pay USD 62 million non-compete fee for AP Paper, reports CNBC-TV18.
International Paper said that, aim to own 75% in AP Paper by September.
 
There were pending buy orders of 7,245,054 shares, with no sellers available.
 
It was trading with volumes of 12,305 shares, compared to its five-day average of 741,499 shares, a decrease of -98.34%.
 
In the previous trading session, the share closed up 7.34% or Rs 13.50 at Rs 197.45.
However, the other paper stock also gained in 5-20% range on the back of International Paper taking stake in AP Paper mills. West Coast Paper Mills touched an intraday high of Rs 92.55 and an intraday low of Rs 82. At 09:19 hrs the share was quoting at Rs 92.55, up Rs 15.45, or 20.04% on the NSE. There were pending buy orders of 124,140 shares, with no sellers available. It was trading with volumes of 97,521 shares. Rama Newsprint and Papers touched an intraday high of Rs 18.55 and an intraday low of Rs 18. At 09:19 hrs the share was quoting at Rs 18.55, up Rs 0.90, or 5.10% on the NSE. There were pending buy orders of 59,900 shares, with no sellers available. It was trading with volumes of 5,925 shares.
 
Tamil Nadu Newsprint and Papers touched an intraday high of Rs 146.40 and an intraday low of Rs 125.15. At 09:19 hrs the share was quoting at Rs 145.00, up Rs 22.60, or 18.46% on the NSE. It was trading with volumes of 93,207 shares. Ballarpur Industries touched an intraday high of Rs 38.95 and an intraday low of Rs 34.95. At 09:19 hrs the share was quoting at Rs 38.35, up Rs 5.90, or 18.18% on the NSE. It was trading with volumes of 993,888 shares. Orient Paper and Industries touched an intraday high of Rs 61.30 and an intraday low of Rs 53. At 09:19 hrs the share was quoting at Rs 59.60, up Rs 8.45, or 16.52% on the NSE. It was trading with volumes of 114,614 shares.