There is no governmental or regulatory approvals are required for the said acquisition of shares, which will be done for cash consideration.
JK Paper: The company has received board approval for the acquisition of Manipal Utility Packaging Solutions for Rs 88.7 crore. The said acquisition is expected to be completed within six weeks of the execution of a Share Purchase Agreement (SPA) with the target entity.
Shares of JK Paper were up 1 percent to Rs 400.80 in the early trade on October 17 after the company’s board approved the acquisition of Manipal utility Packaging Solutions Private Limited.
JK Paper entered into share purchase agreement (SPA) for the acquisition of 100 percent (4.07 crore equity) shares of Manipal Utility Packaging Solutions Private Limited (MUPSPL), the company said in its release.