India's JK Paper rises on Horizon Packs and Securipax Packaging acquisition

JK Paper

22/11/2022 04:27

** Shares of paper producer JK Paper Ltd  JKPA.NS  up as
much as 3.8% at 436 rupees, highest since Sept 16
    ** Co on late Monday said it approved acquisition of Horizon
Packs Pvt Ltd (HPPL) and Securipax Packaging Pvt Ltd (SPPL)
 urn:newsml:reuters.com:*:nFWN32H2NH
    ** Purchase consideration for acquisition of 85% of equity
shares of HPPL will be 19.33 rupees per equity share of l0
rupees each and of SPPL will be 1256.95 rupees per share of 100
rupees each 
    ** HPPL and SPPL deal value for 269.2 million rupees ($3.30
million) and 463000 rupees respectively, adds co
    ** Balance 15% shares of each of the target entities will be
acquired within a period of next three years from the closing
date, added JKPA in an exchange filing
    ** More than 800,000 shares traded by 0415 GMT, 0.7x their
30-day moving avg of more than 1.2 mln shares
    ** Up to last close, JKPA had risen ~104.9% YTD   
($1 = 81.6800 Indian rupees)
 (Reporting by Yagnoseni Das in Bengaluru)
 ((yagnoseni.das@thomsonreuters.com;Mobile: +91 6001289066))