The Khaitan and Bajaj families, promoters of ABC Paper Ltd, have decided to part ways. On 16 July, Esteem Finventures Ltd, Combine Overseas Ltd, Pavan Khaitan and J.K. Khaitan bought 8.78% stake from the Bajaj family in a share sale executed on the Bombay Stock Exchange (BSE) for an undisclosed sum. Further the stake of Bajaj family-promoted Amrit Corp. Ltd, that owns 26.36% in ABC Paper Ltd was also supposed to be sold to Esteem Finventures Ltd, a company promoted by Khaitan family. The sale, once complete, will make the Khaitan family the sole promoters of ABC Paper, with a 74.7% stake. ABC Paper, originally a part of Amrit Corp Ltd, was demerged in 2006.
Source: Media Reports