The Ramsinghani Group sold its 16.84% stake in Rama Newsprint and Paper Ltd to co-promoters SK Bangur Group for Rs 38 crore ($8 million). The off market acquisition was done by West Coast Paper Mills and a few other entities which are subsidiaries of the Bangur Group. The group now holds 53.16% stake in Rama Newsprint. Since the transaction was a transfer of stake between promoters, it will not trigger an open offer from public holders. The Bangur group already had management control of Rama Newsprint.