AP Paper gains as SAT dismisses International Paper’s appeal

MUMBAI: Shares of Andhra Pradesh Paper moved higher on Wednesday after ET Now reported that the Securities Appellate Tribunal has dismissed International Paper’s appeal against the SEBI order.

The regulator had asked IP Holdings, an arm of International Paper Company, to raise its open offer price by including the non-compete fee, which had led the acquirer to file an appeal with SAT.

International Paper has been asked to pay a non-compete fee of Rs 130 per share to shareholders.

However, the order is stayed for four weeks and International Paper is likely to appeal in higher court.

At 11:50 am, the stock was at Rs 349.35, up 1.93 per cent, on the BSE. It touched a high of Rs 373.30 and a low of Rs 341 in trade so far.