Business Update16 Apr 2024, 11:38 pm
JK Paper Ltd.: The Sirpur Paper Mills Invests Rs. 59.80 crore in Bengal & Assam Company
AI Summary
JK Paper Ltd. has announced that its step down subsidiary, The Sirpur Paper Mills, has invested Rs. 59.80 crore in Bengal & Assam Company Limited (BACL) by purchasing 78,800 equity shares from the open market. The transaction did not require any government/regulatory approval. BACL, a listed Indian company, reported a turnover of Rs. 16,491.65 crore, Rs. 13,575.67 crore, and Rs. 10,400.43 crore in the financial years 2022-23, 2021-22, and 2020-21, respectively. The investment was not a related party transaction, and none of the promoters or promoter group had any interest in this transaction.
Key Highlights
- JK Paper's subsidiary, The Sirpur Paper Mills, invests Rs. 59.80 crore in Bengal & Assam Company
- Transaction includes purchase of 78,800 equity shares from the open market
- No regulatory approval needed for the purchase
- BACL's turnover was Rs. 16,491.65 crore in the latest financial year
- None of the promoters/promoter group had any interest in the transaction