Shares of Ballarpur Industries and JK Paper were in spotlight today in an otherwise flat market. Ballarpur Industries, the flagship company of Gautam Thapar-led Avantha Group, is India's biggest manufacturer of writing and printing paper.
JK Paper after market hours on Tuesday had announced that it has made a non-binding offer to acquire two units of Ballarpur Industries' subsidiary, BILT Graphic Paper Products.
The offer is for acquiring BILT Graphic Paper's units at Ballarpur and Asthi in Maharashtra, which manufacture pulp, paper, paper boards and other paper products.
JK Paper said its non-binding offer is preliminary and subject to completion of satisfactory due diligence.
Ballarpur Industries shares surged as much as 4 per cent to Rs 17.4 while JK Paper shares advanced 5.5 per cent to Rs 64.40.
In another development, Ballarpur Industries on Wednesday scrapped its proposed deal to sell stake in Malaysian unit Sabah Forest Industries Sdn (SFI) to Pandawa Sakti (Sabah). Ballarpur Industries said it will invoke the $50 million guarantee, given as an advance by the buyer.
At 11:30 a.m., shares of Ballarpur Industries were up 1.8 per cent at Rs 17 while JK Paper rose 4.92 per cent to Rs 64 in flat Mumbai market.
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