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Home INTERNATIONAL Andhra Paper rallies 17% immediately after Vibrant Star Investments buys 1.25% stake

Andhra Paper rallies 17% immediately after Vibrant Star Investments buys 1.25% stake

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Shares of paper corporations rallied up to 17 for each cent in the intra-day trade on the National Inventory Exchange (NSE) on Monday in an usually weak market just after Radhakishan Damani-owned Dazzling Star Investments obtained a much more than 1 for every cent stake in Andhra Paper by using open market on Friday.&#13
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Andhra Paper rallied 17 per cent to Rs 247.45 throughout the session on the back again of large volumes. The trading volumes on the counter jumped an in excess of 10-fold with a put together 4.4 million equity shares modifying fingers on the NSE and BSE until 12:06 pm.&#13
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“On June 26, 2020, Bright Star Investments obtained 500,000 equity shares, representing 1.26 for each cent of overall equity of Andhra Paper, at a price of Rs 206.23 for every share on the NSE by using bulk offer,” the exchange details demonstrates.&#13
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Nimi Enterprises had marketed 246,534 shares at an ordinary price of Rs 210.69 for every share, information reveals. The name of the other sellers have been not ascertained quickly.&#13
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The stock of the West Coast Paper Mills, one particular of the promoters of Andhra Paper, soared 12 per cent to Rs 201.80 in the intra-day trade on the NSE today.&#13
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Previous 7 days, Worldwide Paper has offloaded 10 for every cent of its stake in Andhra Paper through an offer for sale (OFS) route. The Luxembourg-centered company had a 20 for each cent stake in Andhra Paper at the finish of March 2020 quarter, the shareholding pattern facts shows.&#13
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Amid other paper stocks, Ballarpur Industries, Seshasayee Paper & Boards, JK Paper and Emami Paper Mills had been buying and selling larger in the range of 2 per cent to 5 per cent on the BSE. In comparison, the S&P BSE Sensex was down 1 for each cent or 373 points at 34,798 levels.&#13

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