West Coast Paper Mills shares rose by 4% on the BSE after the firm received preliminary verbal approval from the National Company Law Tribunal (NCLT), Chennai Bench, for its resolution plan submitted to acquire Uniply Decor.
The NCLT approved the resolution plan submitted by West Coast Paper Mills.
Per the resolution, West Coast will pay ₹28 crore to Uniply’s creditors; the liquidation value of Uniply has been put at ₹38.03 crore. West Coast has also hinted that it would seek to delist Uniply once the acquisition is complete.
West Coast Paper Mills Limited is based in Dandeli Karnataka and is one of the largest producers of paper.