Speciality Papers - Outcome Of Board Meeting

Speciality Papers Ltd has informed that the Board of Directors of the Company at its meeting held on July 05, 2007, inter alia, has discussed various acquisition proposals put forward by M/s. Firstcall India Equity Advisors Pvt Ltd, Mumbai, considered, decided and consented to acquire through Merger / Amalgamation the following Companies.(i) Reliable Paper (India) Ltd(ii) Opel Paper Mill Ltd &(iii) M/s. Prime IndustriesThe Board has approved Rs 265 crores as its Merger / Amalgamation Valuation for theshare swap of Reliable Paper (India) Ltd.Reliable Paper (India) Ltd is a manufacturer of MG Tissue, Gift Wrapping Tissue, MG Poster Papers, TD Loaded Posters, and Laminating Base Poster Paper. The Company is also putting up 150 TPD plant for manufacturing coated duplex board both white back & grey back and folding box boards at the same location. Plant for Coated Duplex Board is expected to commission in the year 2008. It has its manufacturing facility located at Taluka Mahuva, District Surat. The Company did a total sale of Rs 101.59 crores for the year 2005-06 and achieved provisional sales of Rs 151.71 crores with a PAT of Rs 4.06 crores, for the year 2006-07.