State Bank of India has executed transaction documents to purchase 3,70,644 shares (6.35 per cent) of Ahmedabad-based Canpac Trends Private Limited at ₹1,349 per share, aggregating ₹49.99 crore.
The Bank, in an exchange filing, said the investment in Canpac Trends, which is in the paper packaging industry, is being made with the objective of capital appreciation.
The indicative period for completion of the acquisition is three months from the date of the transaction documents executiion.
In the year ended March 2023, the company, which was incorporated in 2004, reported total income and net profit of Rs 389.72 crore and Rs 9.82 crore, respectively. The company provides paper-based packaging solutions such as folding cartons, corrugated cartons, flexible packaging, paper bags and luxury boxes,