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IFC to acquire stake in Ballarpur Industries’ step down subsidiary

07 Oct 2014 Evaluate

Ballarpur Industries’ step down subsidiary Bilt Paper BV has entered into a definitive agreement with International Finance Corporation (IFC) for the sale of new shares worth $100 million.

Following the completion of shares subscription, IFC -- the private sector lending arm of The World Bank -- will own 14.29% stake in Bilt Paper, formerly known as Ballarpur International Graphic Paper Holdings (BIGPH). The deal values Bilt Paper at $600 million. The subscription of shares is however subject to fulfillment of conditions set out in the definitive documents.

Earlier on June 27, Ballarpur had announced that Bilt Paper was evaluating and exploring options for receiving equity and/or debt investment from IFC. Subsequently, on 3 September, the firm announced that IFC board had approved equity investment of up to $100 million and long-term loans of as much as $150 million. Bilt Paper is also looking at listing its shares at an overseas stock exchange.

Ballarpur Industries is engaged in manufacturing of wide range of papers such as coated wood free, uncoated wood free, copy paper, packaging, business stationery, industrial grades and speciality and fine paper.

Ballarpur Inds. Share Price

0.89 0.00 (0.00%)
22-Jun-2023 18:01 View Price Chart
Peers
Company Name CMP
JK Paper 380.75
TN Newsprints 142.35
West Coast Paper 494.60
Emami Paper Mills 76.18
Seshasayee Paper 268.10
View more..

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