JK Paper to acquire Manipal Utility Packaging Solutions for Rs 90 crore
The Pioneer [
Hyderabad
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Bhubaneshwar
Oct 17, 2023 | Page No.: 8 | Position: Middle Center | Source: Bureau | Sq Cm: 62 | AVE: 21018 | PR Value: 105090
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JK Paper to acquire Manipal Utility Packaging Solutions for Rs 90 crore PNS ¦ NEW DELHI JK Paper Ltd on Monday said it will fully acquire Manipal Utility Packaging Solutions Pvt Ltd for nearly Rs 90 crore The compa- ny has entered into a share pur- chase agreement SPA for the acquisition of 100 per cent shales of Manipal Utility Solutions Pvt Ltd MUPSPL JK Paper said in a regulatory filing Under the SPA JK Paper will acquire 4 07 crore equity shares representing 100 per cent of cap- ital of MUPSPL at Rs 21 80 per equity share of Rs 10 each sub- ject to adjustments as per terms of agreement it added The acquisition is expected to be completed within six weeks of execution of the SPA with the target entity and its promoters shareholders subject to fulfilment of condi- tions mentioned in the SPA the company said JK Paper Vice Chairman and Managing Director Harsh Pati Singhania said This acquisition is in line with the long-term strategic objective of the company in the packaging business and gives us an opportunity to offer combined solution to the customers with respect to secondary and tertiary pack- aging improve operational efficiencies and ensure that MUPSPL grows and adds value to stakeholders