Jan 28, 2010. /Lesprom Network/. 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), as The Hindu Business Line reported. The off market acquistion 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. The West Coast Paper Mills Ltd. is based in Kolkata and contributes approximately 60% to the Bangur Group's revenues.