Ballarpur Industries (BILT) subsidiary - Ballarpur International Graphic Paper Holdings (BIGPH) has raised $200 million or around Rs 895 crore through issue of bonds in the international market. BIGPH has issued subordinated perpetual capital securities bonds of $200 million which shall be listed on the Singapore Exchange. BIGPH had offered the perpetual bond at 9.75% per annum.
BIGPH shall utilize the proceeds from the issue of bonds for repayment of existing debt including repayment of profit certificates and for capital expenditure requirements of its subsidiaries. Despite an extremely challenging market backdrop, strong investor confidence allowed BIGPH to price the transaction intra day at its desired size and price level. BIGPH conducted road shows in Singapore, Hong Kong, London, Zurich and Geneva between July 28 and August 2 and met key fixed income investors prior to issue. HSBC and Royal Bank of Scotland were the joint rating advisors, structurers and bookrunners to the offering.
Recently, Ballarpur Industries’ wholly owned subsidiary, Ballarpur International Holdings B.V. (BIH) based on pre-money valuation of $1 billion had divested part of its stake in Ballarpur International Graphic Paper Holdings B.V. (BIGPH). Consequently, the equity stake of BIH and two private equity investors stands revised to 72.30% and 18.61%, respectively. Earlier, Ballarpur Industries through its wholly owned subsidiary, BIH B.V. held 79.53% equity stake in BIGPH B.V. and the balance 20.47% stake was held by two private equity investors’ viz. JPMorgan Mauritius Holdings VII and Lathe Investments, a wholly owned subsidiary of GIC of Singapore.
BILT manufactures wide range of papers such as coated wood free, uncoated wood free, copy paper, packaging, business stationery, industrial grades and specialty and fine paper. The company has launched a premium range of paper stationery products under brand name BILT Matrix.
| Company Name | CMP |
|---|---|
| JK Paper | 354.00 |
| TN Newsprints | 271.95 |
| West Coast Paper | 626.60 |
| Emami Paper Mills | 110.20 |
| Andhra Paper | 526.95 |
| View more.. | |
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