International Paper APPM Limited has completed the sale of 55 per cent shares to West Coast Paper Mills Limited as per the agreement entered into by the two companies for buying out the former.
Pursuant to share purchase agreement of May 29 this year, West Coast Paper Mills acquired 55 per cent shares of the company paid up capital.
In terms of the offer dated August 30, WCPM acquired on October 11, 17.02 per cent of the paid up capital of International Paper from the public shareholders.
Following this development, the Board of Directors of the company has been reconstituted. The shares were transferred from International Paper Investments (Luxembourg) SARL and IP International Holdings Limited to WCPM by way of sale.
Results
International Paper APPM posted a profit of ₹7.93 core and a total income of ₹275.89 crore during the quarter ended September 30, 2019 as against a profit of ₹37.44 crore and total income of ₹340.29 crore for the corresponding quarter of last year.
Last fiscal, the company had closed with a profit of ₹200.07 crore and a total income of ₹1,441.92 crore.
The company shares closed at 348.65 at BSE, up 3 per cent.