APPML makes open offer to CPL

As both the paper plants situated at Rajahmundry, the take over of CPL is expected to facilitate synergised operations between both the companies. CPL has been embarked upon an expansion of capacity from the existing installed capacity of 18,000 tpa to 55,000 tpa. CPL has a paid up capital of Rs 10.90 crore comprising 60,00,000 fully paid equity shares of Rs 10 each and 4,90,000 fully paid Optionally Convertible Cumulative Redeemable Preference Shares of Rs 100 each, which can be fully redeemable by January 2004, said the letter of offer.

The shares of CPL are listed on HSE and BSE. To facilitate the payment to the offer the company has required Rs 7.20 crore, which was duly arranged and also it has opened an escrow account with IDBI Bank, according to the letter of offer.