SBI Acquires 6.35% Stake In Canpac Trends

The State Bank of India has acquired 6.35% stake in Canpac Trends Pvt. for Rs 49.9 crore.

The public sector bank mopped up 3.7 lakh shares for Rs 1,349 apiece with the objective of capital appreciation, according to its exchange filing issued on Thursday.

Canpac Trends, incorporated in 2004, is a paper packaging company that focuses on folding cartons, corrugated cartons, flexible packaging, paper bags and luxury boxes.

Canpac Trends' total income, as of FY23, was Rs 389.72 crore and total assets owned were worth Rs 424.32 crore.

Shares of SBI closed 0.60% higher at Rs 623.55 apiece, as compared with a rise of 1.34% on the BSE Sensex.