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Andhra Pradesh Paper Mills Ltd has decided to extend the financial year to 15 months.
In a statement to the BSE, the company said that its board of directors has approved the change of the current financial year from January 1, 2012 to December 31, 2012 to a 15-month period to be taken from January 1, 2012 to March 31, 2013.
At the end of the current extended financial year, the company proposes to change the financial years hereafter to a period of 12 months beginning from April 1 to March 31 in each year. Earlier, it used to observe January to December as its financial year.
The Andhra Pradesh-based paper company is now a part of US-major International Paper Inc. The latter gained majority stake in the company.
The company shares were trading at Rs 289.20, up 1.58 per cent on the BSE.
>rishikumar.vundi@thehindu.co.in
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