West Coast Paper Mills shares climb 4% on NCLT nod for Uniply Decor acquisition
West Coast Paper Mills climbed 4% to Rs 697 in Thursday's trade on BSE after the firm said that it has received preliminary verbal approval from the National Company Law Tribunal (NCLT), Chennai Bench, for its resolution plan submitted to acquire Uniply Decor.
«Our consultant, Lagrange Point Advisors LLP, an investment banking firm based in Mumbai, informed us that the resolution plan to acquire Uniply Decor has been approved verbally by the Chennai Bench of the NCLT. The approval has been received under the provisions of Insolvency and Bankruptcy Code, 2016,» West Coast Paper Mills said in an exchange filing.
The resolution plan, submitted by West Coast Paper Mills Ltd and previously approved by the Committee of Creditors of Uniply Décor Ltd, marks a crucial step towards the company's expansion and diversification efforts.
At 11.04 a.m., the scrip was trading 3.4% higher at Rs 693 on BSE.
On a year-to-date basis, the stock has also surged nearly 30%. It has also delivered multibagger returns to its investors, with the stock clocking over a 190% rally in the last two years, and 300% in the past three years.
Technically, the stock's day RSI (14) is at 57.
The RSI below 30 is considered oversold, and above 70 is overbought, Trendlyne data showed. MACD is at 41.9, which is above its Center Line, but below signal line.
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