The Board of Directors of Andhra Pradesh Paper Mills Ltd has decided to change the name of the company to “International Paper APPM Limited” subject to the approval of shareholders and Central Government.
The new name will be effective on issue of a fresh Certificate of Incorporation consequent upon nod from the Registrar of Companies, Andhra Pradesh, Hyderabad.
The company has convened an extraordinary general meeting on December 3, 2013 for this purpose.
The US-based paper major had acquired 75 per cent stake in AP Paper Mills through IP Holding Asia Pte Ltd., Singapore.
Explaining the reasons behind the move, IP said it is aimed to recognise the parentage of International Paper, while maintaining the link to the history and positioning of the APPM brand.
In a statement to the shareholders filed with the exchanges, IP said, “This is to ensure that we direct future investments in brand-building around the IP brand leveraging our global presence and technology. Expand the brand of the company given its pan-India presence of customers and distributors.”
For the extended 15-month period for financial year 2012-2013, the company closed with revenues of Rs 1,253.61 crore, profit before depreciation and tax of Rs 83.40 crore and a loss of Rs 23.70 crore.
AP Paper shares closed the day at Rs 282.80, down 0.51 per cent at BSE.