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Seshasayee Paper surges on getting nod for funding of expansion project

Seshasayee Paper & Boards is currently trading at Rs. 901.00, up by 13.30 points or 1.50% from its previous closing of Rs. 887.70 on the BSE.

The scrip opened at Rs. 899.00 and has touched a high and low of Rs. 911.30 and Rs. 899.00 respectively.

The BSE group ‘B’ stock of face value Rs. 10 has touched a 52 week high of Rs. 1328.00 on 07-Sep-2018 and a 52 week low of Rs. 821.90 on 18-Feb-2019.

Last one week high and low of the scrip stood at Rs. 923.20 and Rs. 866.00 respectively. The current market cap of the company is Rs. 1119.71 crore.

The promoters holding in the company stood at 42.65%, while Institutions and Non-Institutions held 19.36% and 37.99% respectively.

Seshasayee Paper & Board has received approval for funding of the Project, Mill Development Plan – III (MDP – III) at Unit : Erode with a Debt of 30% of the estimated Net Capital Cost of the Project (Net Capital Cost is estimated at Rs 275 crore – i.e. total project cost of Rs 315 crore Less : Estimated Input Credit of Rs 40 crore).

The debt component accordingly represents Rs 82.50 crore out of the Project Cost and balance will be funded by Internal Accruals. The Board of Directors of the Company at its meeting held on July 27, 2019 has approved the same.

Seshasayee Paper & Boards operates an integrated pulp, paper and paper board Mill. The product range of the company includes MF I And MF II, MG, Yankee and MF3.

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