The Hindu Business Line : BILT to raise $75 m through GDR, FCCBs

THE paper manufacturer, Ballarpur Industries Ltd (BILT), on Thursday announced that it would raise $75 million (about Rs 342 crore) from a combination of a global depository receipts (GDRs) issue and private placement of foreign currency convertible bonds (FCCBs).

The company, however, refused to disclose details on the plans for deployment of the funds or when they will be raised.

When asked to specify the use of funds, a senior company official said: "There are certain legal issues which prohibit us from giving out such details."

A BILT statement here said the funds so mopped up through the GDR issue and FCCBs would be used for normal capital expenditure, modernisation, captive farm forestry and working capital requirements but did not give any further details.

The decision was taken by the company's board at its meeting here today.

Article E-Mail :: Comment :: Syndication

Stories in this Section
Escorts puts off annual meet

Hind Sanitaryware shelves jt venture plans with German co

Siemens to supply gas turbines to Konaseema

KEC International gets new orders worth Rs 115 cr

Parryware to set up electronic flushing urinals in schools

Asahi India Glass clarifies

Shasun's pref allotment gets shareholders' nod

BILT to raise $75 m through GDR, FCCBs

On building lasting institutions

Marc Faber bullish on Asia — But bearish on US market