Sundaram Multi Pap Limited has announced that its Board of Directors will convene on Thursday, March 5, 2026, at 11:00 AM. The primary agenda item is to consider and evaluate a communication received from Sundaram Land and Assets Private Limited (SLAPL) dated February 27, 2026. In this communication, SLAPL has conveyed its intention not to proceed with the proposed share swap transaction. This proposed transaction, which was approved by Sundaram Multi Pap's shareholders at an Extraordinary General Meeting (EGM) held on November 12, 2025, involved the issuance of 7,04,00,000 equity shares of Sundaram Multi Pap Limited at ₹3.35 per share. This was intended to facilitate the acquisition of a 52.38% stake in SLAPL through a share swap mechanism. SLAPL's Board, in their meeting on February 27, 2026, noted that approximately 107 days had passed since the EGM approval. They observed a material change in market conditions, including a significant decline in Sundaram Multi Pap's share price. As of February 27, 2026, SMPL shares closed at ₹1.52, a substantial drop from the initially proposed swap price of ₹3.35. SLAPL's Board concluded that the effective economic value of the proposed share swap consideration had materially reduced, and in the interest of safeguarding shareholder value, resolved not to proceed with the transaction in its current form due to delays in obtaining requisite approvals. The outcome of Sundaram Multi Pap's Board Meeting on March 5, 2026, will be duly intimated to the stock exchanges.
