West Coast Paper surges 13% as Int'l Paper sells 75% stake

NEW DELHI: Shares of West Coast Paper Mills surged over 13 per cent to Rs 297 in Thursday's session after International Paper has agreed to sell its 75 per cent stake in West Coast Paper Mills to Indian owners.

ET reported that the world’s largest pulp and paper firm, International Paper, has agreed to sell its 75 per cent stake in West Coast Paper Mills to Indian owners, SK Bangur Group, for as much as Rs 650 crore, ending a seven-year-old controlling engagement with the paper producer.

International Paper currently owns approximately 30 million shares or 75 per cent of the company.


The deal is expected to be completed by the end of the year subject to satisfaction of customary closing conditions, including obtaining required governmental approvals and West Coast Paper Mills' launch of a tender offer. West Coast Paper surges 13 per cent as Int'l Paper sells 75 per cent stake.

The shares of the company closed at Rs 279.10 up 6.38 per cent on BSE.