Huhtamaki PPL (formerly The Paper Products) has surged 9% to Rs 149 on NSE after the company announced acquisition of Positive Packaging Industries for a total enterprise value of Rs 818 crore through internal accruals.
The stock opened at Rs 139 and touched a record high of Rs 150 on NSE. The trading volumes on the counter surged multiple fold with a combined 683,396 shares changing hands till noon deals on NSE and BSE.
Huhtamaki PPL and the shareholders of Positive Packaging Industries have today entered into a definitive agreement to acquire 100% of Positive Packaging Industries, for a total enterprise value of Rs 818 crore inclusive of debt and subject to closing adjustments, Paper Products said in a statement.
The company proposes the fund the acquisition through internal accruals, it added.
Positive Packaging Industries is a company engaged in the business of Flexible packaging with an annual turnover of approximately Rs 1,000 crore.
The company will raise around Rs 134 crore by issuing 10 million shares at a price of Rs 134.08 per share to the promoter group on preferential basis.
The company also proposes to raise around Rs 820 crore by issuing of non-convertible debentures on private placement basis, it added.
The stock opened at Rs 139 and touched a record high of Rs 150 on NSE. The trading volumes on the counter surged multiple fold with a combined 683,396 shares changing hands till noon deals on NSE and BSE.
Huhtamaki PPL and the shareholders of Positive Packaging Industries have today entered into a definitive agreement to acquire 100% of Positive Packaging Industries, for a total enterprise value of Rs 818 crore inclusive of debt and subject to closing adjustments, Paper Products said in a statement.
The company proposes the fund the acquisition through internal accruals, it added.
Positive Packaging Industries is a company engaged in the business of Flexible packaging with an annual turnover of approximately Rs 1,000 crore.
The company will raise around Rs 134 crore by issuing 10 million shares at a price of Rs 134.08 per share to the promoter group on preferential basis.
The company also proposes to raise around Rs 820 crore by issuing of non-convertible debentures on private placement basis, it added.
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