AP Paper Mills spurts by 10% on open offer at huge premium
Cheering the announcement, shares of AP Paper Mills jumped by 9.99 per cent, touching the upper circuit of Rs 311.65 on the BSE.
By PTI | Updated:
MUMBAI: Shares of Andhra Pradesh Paper Mills surged nearly 10 per cent to hit the upper limit on the BSE today, after US-based International Paper Company announced an open offer for an additional 85.67 lakh shares, or 21.54 per cent stake in the company at Rs 544.20 per share.
Cheering the announcement, shares of AP Paper Mills jumped by 9.99 per cent, touching the upper circuit of Rs 311.65 on the Bombay Stock Exchange (BSE).
Investors flocked the company's counter on the National Stock Exchange as well, where the scrip accelerated by 10.01 per cent touching the upper circuit at Rs 312.80.
The open offer price is at a 74.61 per cent premium to the current trading market price.
In terms of volume, 2,154 shares got traded on the BSE, while 10,527 were changed hands on the NSE.
According to a public announcement, the open offer will begin on May 26 and close on June 14, 2011.
Late last month, the US-based paper and packaging major, International Paper signed agreement with the Kolkata-based L N Bangur Group to buy a 53.5 per cent stake in AP Paper Mills for about USD 257 million.
Meanwhile, the BSE benchmark Sensex was trading higher by 20.19 points at 19,465.41 during the noon trade.
By 01:00 p.m. (0730 GMT), shares of Ballarpur, valued by the market at $533 million, were trading down about 1.79 percent at 35.65 rupees in a subdued Bombay Stock Exchange.
Cheering the announcement, shares of AP Paper Mills jumped by 9.99 per cent, touching the upper circuit of Rs 311.65 on the Bombay Stock Exchange (BSE).
Investors flocked the company's counter on the National Stock Exchange as well, where the scrip accelerated by 10.01 per cent touching the upper circuit at Rs 312.80.
The open offer price is at a 74.61 per cent premium to the current trading market price.
In terms of volume, 2,154 shares got traded on the BSE, while 10,527 were changed hands on the NSE.
According to a public announcement, the open offer will begin on May 26 and close on June 14, 2011.
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Late last month, the US-based paper and packaging major, International Paper signed agreement with the Kolkata-based L N Bangur Group to buy a 53.5 per cent stake in AP Paper Mills for about USD 257 million.
Meanwhile, the BSE benchmark Sensex was trading higher by 20.19 points at 19,465.41 during the noon trade.
By 01:00 p.m. (0730 GMT), shares of Ballarpur, valued by the market at $533 million, were trading down about 1.79 percent at 35.65 rupees in a subdued Bombay Stock Exchange.
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