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Bangurs buy newsprint firm

Calcutta, Sept. 8: West Coast Paper has acquired 33.85 per cent in Rama Newsprint & Papers from ICICI Bank for Rs 39.37 crore — or 7.87 crore shares at Rs 5 apiece. The deal is going to be followed by a cash offer for 20 per cent in the company and transfer of management control to Shree Kumar Bangur-promoted West Coast Paper.

In addition, West Coast Paper has obtained an ‘irrevocable power attorney’ from the promoter of Rama Newsprint for their shares, which gives Bangur an aggregate voting right of 59.79 per cent. Under the deal, West Coast also has the first right of refusal for the shares held by the promoter of Rama Newsprint.

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