West Coast Paper Mills, the S K Bangur group flagship, today announced it will acquire majority control of Rama Newsprint & Papers Ltd through a cash deal which has got an in-built debt restructuing plan as well. The tripartite deal involves the acquirers, promoters and the lead bank.
Under the scheme, the Bangur company will purchase 7.87 crore shares representing 33.85 per cent stake of Rama Newsprint from ICICI Bank and ICICI Trustees and thereafter make a 20 per cent open offer to buy out shares from retail investors. The shares will be purchased at Rs 5 a piece, nearly 41 per cent discount from the today
