International Paper APPM fell 2.13% at Rs 286.60 after the company's promoter West Coast Paper Mills pledged 51% equity in the company to raise Rs 343 crore.
West Coast Paper Mills has a stake of 72.2% in International Paper APPM.International Paper APPM in an exchange filing after market hours on Friday disclosed that West Coast Paper Mills pledged 2.03 crore shares, or 51% equity, amounting to Rs 343 crore in favour of Standard Chartered Bank, Aditya Birla Finance and Axis Finance.
Shares were pledged to fund the acquisition of shares in International Paper APPM.
International Paper APPM trades below its 20 days and 50 days simple moving average placed at 287.11 and 304.10 respectively. These levels will act as resistance in near term.
On standalone basis, International Paper APPM's net profit slumped 78.8% to Rs 7.93 crore on 19.1% decline in net sales to Rs 271.79 crore in Q2 September 2019 over Q2 September 2018.
International Paper APPM is an integrated paper and pulp manufacturing company.
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