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Goldman Sachs invests Rs 76 crore in JK Paper Ltd

Written by: Staff

New Delhi, Apr 17 (UNI) Goldman Sachs has invested Rs 76 crore in JK Paper Ltd through its investment arm in Mauritius, to part-finance the company's 60,000 tpa Packaging Board project, which is due to begin in the first quarter of 2007.

JK Paper Ltd MD Harsh Pati Singhania said, ''After IFC Washington's investment at Rs 65 per share, we are pleased to add another quality investor like Goldman Sachs as a partner in our growth. With this, the company has concluded its equity raising programme for current expansions.'' JK Paper recently concluded a 12 million dollar Global Depository Receipts (GDR) issue and a 5 million dollar unsecured Foreign Currency Convertible Bond (FCCB) issue.

GDR's worth 7.7 million were placed at a price of Rs 69 per share, representing a premium of 16 per cent over the BSE closing price on the date of issue.

The FCCBs with a coupon of 1.25 per cent and due on 2011 have a conversion price of Rs 95 per share, representing a premium of 60 per cent over the BSE closing price.

The company worth Rs 730 crore, owns the largest selling paper brand in the country-JK Copier along with other major brands such as JK Easy Copier, JK Bond and JK Maplitho (SHB).


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