The firm had received these plots for its greenfield expansion project.
Moneycontrol News
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Shares of Emami Paper Mills declined 5 percent intraday to Rs 83.10 on September 16 following the company's decision to surrendered its Gujarat Industrial Development Corporation (GIDC) plots.
The paper company said on September 13 it would surrender plots 119, 121 to 126, measuring 4,14,930.894 square meter, at Saykha Industrial Estate in Bharuch.
The plots, allotted by GIDC, were meant for the company's greenfield expansion project.
Emami Paper said it had also authorised severally executive director PS Patwari and president Bharat Agarwal to complete the formalities for the surrender.
The stock has lost nearly 70 percent of its value in the past one year. It was quoting at Rs 83.10, down Rs 2.90, or 3.37 percent, on the BSE at 1206 hours.Get access to India's fastest growing financial subscriptions service Moneycontrol Pro for as little as Rs 599 for first year. Use the code "GETPRO". Moneycontrol Pro offers you all the information you need for wealth creation including actionable investment ideas, independent research and insights & analysis For more information, check out the Moneycontrol website or mobile app.
First Published on Sep 16, 2019 12:29 pm
