West Coast Paper share price rises on acquiring majority stake in International Paper APPM
BusinessToday.In May 30, 2019
West Coast Paper shares rose in trade today after the firm said it would buy 51 to 60% stake in International Paper APPM. West Coast Paper share price rose 11.66% to 297 today compared to the previous close of 262.35 on BSE.
Meanwhile, International Paper APPM share price was trading 2.41% lower at 419 on BSE. West Coast Paper share price has fallen 8.95% since the beginning of this year.
During the last one year, the stock has gained 0.11%. The stock has gained 26.18% during the past five days. The stock opened with a gain of 10.46% at 289.80 level on BSE. International Paper APPM is the Indian unit of NYSE-listed International Paper Co.
West Coast Paper inked an agreement with the existing promoters of the International Paper - namely International Paper Investments (Luxembourg) SARL Luxembourg and IP International Holdings Inc USA, to acquire 51-60 percent stake in International Paper APPM, which makes and sells pulp, paper and paper boards. The transaction is expected to be completed by the end of the year.
Meanwhile, benchmark indices Sensex and Nifty rose in afternoon trade. Sensex rose 325 points to 39,827 and Nifty too climbed 84 points to 11946.
Edited by Aseem Thapliyal