JK Paper gains on board nod to acquire Manipal Utility Packaging Solutions

There is no governmental or regulatory approvals are required for the said acquisition of shares, which will be done for cash consideration.

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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.

MUPSPL is engaged in the business of manufacture of packaging products like folding cartons, corrugated boxes and labels with four manufacturing plants across the country and had a revenue of Rs 147.77 crore for FY 2022-23, Rs 121.14 crore in FY 2021-22 and Rs 1 14.92 crore in FY 2020-21, it added.

There is no governmental or regulatory approvals are required for the said acquisition of shares, which will be done for cash consideration.

The acquisition is expected to be completed within six weeks of execution of a share purchase agreement (SPA) with the target entity and its promoters/ shareholders, subject to fulfillment of conditions mentioned in SPA.

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“This acquisition is in line with the long-term strategic objective of the company in the packaging business and gives us an opportunity to offer combined solution to the customers with respect to secondary and tertiary packaging, improve operational efficiencies and ensure that MUPSPL grows and adds value to stakeholders,” said Harsh Pati Singhania, Vice Chairman and Managing Director, JK Paper.