International Paper APPM Ltd is set to seek shareholders' nod to re-classify and transfer Rs 288.76 crore currently lying to the credit of general reserves to the profit & loss account of the company under the terms and conditions of the Scheme of Arrangement.
The paper company has informed the BSE that in pursuance of order dated November 7, 2016 issued by the High Court of Judicature at Hyderabad for Telangana and Andhra Pradesh, the company had dispatched a notice convening the meeting to all equity shareholders on December 21 at Rajahmundry.
This meeting has been convened for the purpose of considering and, if thought fit, approving with or without modification, the scheme of arrangement among the company and its members to re-classify and transfer the amount from general reserves to the profit and loss account of the company under the terms and conditions of the scheme.
Upon this scheme becoming effective, the balance sheet of the company, as on the appointed date, shall be reorganised in accordance with the terms of this scheme.
The company shares had closed at Rs 301.55, up 0.50 per cent on the BSE on Friday.