Andhra Paper board approves capex of Rs400 crore; Stock hits 52-week high

29 Aug 2022 , 01:03 PM

The Board of Directors of Andhra Paper Limited on August 26, 2022 approved a capital expenditure amounting to Rs400 crore to re-build and upgrade the existing Pulp plant to improve the reliability and efficiency of the Pulp Mill.

The Company said in the regulatory filing, “This will help sustain the current levels of production, improve efficiency in Pulp Mill processes and lend flexibility in operations, augment pulp production capacity from existing 550 Tonnes per day to 600 Tonnes per day.

Further, the expected completion timeline is November 30, 2023. The proposal shall be funded through mix of debt and internal accruals, the  company added.

At around 1:03 PM, Andhra Paper was trading at Rs506 per share higher by 7.79% on the BSE. The stock hit 52-week high at Rs509.95 per share on Monday. It opened at Rs441 per share after closing at Rs469.45 per share on Friday trade.

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