Sundaram Multi Pap Limited has informed the Exchange about General Updates
SUNDARAM · price
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Sundaram Multi Pap Limited has called a board meeting on March 5, 2026, to evaluate a communication from Sundaram Land and Assets Private Limited (SLAPL) withdrawing from a previously approved share swap deal. The original deal, approved at an EGM on November 12, 2025, involved SMPL issuing 7.04 crore equity shares at Rs 3.35 per share to acquire a 52.38% stake in SLAPL. SLAPL has pulled out citing a 55% decline in SMPL's share price (from Rs 3.35 to Rs 1.52), material change in market conditions, and delays of over 107 days in obtaining required approvals. SLAPL stated it remains open to future proposals with fresh terms and approvals.
This is a negative development for SMPL as the company loses a planned acquisition that could have expanded its business scope. For existing SMPL shareholders, the cancellation removes uncertainty around potential dilution from the 7.04 crore share issuance, though it also removes a potential growth avenue. The board may now explore alternative structures or a revised deal.