The company said the board of International Finance Corporation (IFC) has approved investment comprising a combination of an equity investment of up to USD 100 million and long term loans of up to USD 150 million.
Shares of Ballarpur Industries gained as much as 7.4 percent intraday Wednesday on approval from IFC for funds infusion in its subsidiary through equity as well as debt route.
The company said the board of International Finance Corporation (IFC) has approved investment comprising a combination of an equity investment of up to USD 100 million and long term loans of up to USD 150 million. The proposed investments is subject to satisfactory documentation and satisfaction of all necessary conditions of IFC.
Bilt Paper BV - BPBV (formerly known as Ballarpur International Graphic Paper Holdings), a step down subsidiary of the company, was evaluating and exploring options with International Finance Corporation for receiving a potential investment from IFC, in a combination of debt and/or equity in BPBV and/or its step down subsidiaries.
Ballarpur said the proposed investments will predominantly be used to prepay some of the existing debts.
The subsidiary BPBV is also exploring the possibility of listing of its shares at an overseas stock exchange.
At 11:50 hours IST, the stock was quoting at Rs 18.20, up Rs 0.60, or 3.41 percent on the BSE.
Posted by Sunil Shankar Matkar
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