West Coast Paper Mills gains on NCLT nod for Uniply Decor acquisition

Introduction:

West Coast Paper Mills gains: Gains from the acquisition of Uniply Decor by NCLT benefit. “Lagrange Point Advisors LLP, our consultant and a Mumbai-based investment banking firm, notified us that the Chennai Bench of the NCLT had verbally accepted the resolution plan to buy Uniply Decor.

West Coast Paper Mills gains

According to the Insolvency and Bankruptcy Code, 2016, the approval has been received, according to a regulatory filing from West Coast Paper Mills.

On September 21, after the paper manufacturer reported that the National Company Law Tribunal (NCLT) had approved its resolution plan to purchase Uniply Decor, shares of West Coast Paper Mills were trading 3% higher in the morning session.

Lagrange Point Advisors LLP

According to the Insolvency and Bankruptcy Code, 2016, the approval has received, the company stated in a regulatory statement.

West Coast Paper Mills stock trading at Rs 691/share at 9.45 am on NSE, up Rs 19.65 or 2.93%. Since July 27th, the company’s stock has been moving up.

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The company reported a 2.24 percent YoY growth in revenue operations at Rs 1,139 crore in results for April-June quarter. The quarter’s net profit increased 33.21 percent year over year to Rs 278.35 crore. On an annual basis, the operating profit margins for the quarter increased to 35% by 600 basis points.

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