Ballarpur Ind shares rally 14% on IFC investment in arm

PTI Mumbai | Updated on November 30, 2017 Published on October 07, 2014

Shares of Ballarpur Industries surged nearly 14 per cent today as International Finance Corporation said it will invest USD 100 million (about Rs 616 crore) in Bilt Paper BV, a step-down subsidiary of the paper manufacturer, in lieu of fresh shares.

Ballarpur Industries’ scrip zoomed 13.49 per cent to Rs 18.50 on the BSE.

On the NSE, it surged 13.84 per cent to Rs 18.50.

“BPBV has entered into definitive agreements with IFC for subscription of new shares worth $100 million at an implied pre-money valuation of $600 million,” Ballarpur Industries had said in a BSE filing yesterday.

“This will result into a shareholding of IFC in BPBV of 14.29 per cent,” the company had said.

Bilt Paper is also exploring the possibility of listing of its shares at an overseas stock exchange.

The subscription of shares is subject to fulfilment of conditions set out in the definitive documents, it said.

In June, Ballarpur had said that BPBV is evaluating and exploring options with IFC for receiving potential investment from IFC, in a combination of debt and/or equity in BPBV and/ or its step—down subsidiaries.

Published on October 07, 2014

A letter from the Editor

Dear Readers,

The coronavirus crisis has changed the world completely in the last few months. All of us have been locked into our homes, economic activity has come to a near standstill. Everyone has been impacted.

Including your favourite business and financial newspaper. Our printing and distribution chains have been severely disrupted across the country, leaving readers without access to newspapers. Newspaper delivery agents have also been unable to service their customers because of multiple restrictions.

In these difficult times, we, at BusinessLine have been working continuously every day so that you are informed about all the developments – whether on the pandemic, on policy responses, or the impact on the world of business and finance. Our team has been working round the clock to keep track of developments so that you – the reader – gets accurate information and actionable insights so that you can protect your jobs, businesses, finances and investments.

We are trying our best to ensure the newspaper reaches your hands every day. We have also ensured that even if your paper is not delivered, you can access BusinessLine in the e-paper format – just as it appears in print. Our website and apps too, are updated every minute, so that you can access the information you want anywhere, anytime.

But all this comes at a heavy cost. As you are aware, the lockdowns have wiped out almost all our entire revenue stream. Sustaining our quality journalism has become extremely challenging. That we have managed so far is thanks to your support. I thank all our subscribers – print and digital – for your support.

I appeal to all or readers to help us navigate these challenging times and help sustain one of the truly independent and credible voices in the world of Indian journalism. Doing so is easy. You can help us enormously simply by subscribing to our digital or e-paper editions. We offer several affordable subscription plans for our website, which includes Portfolio, our investment advisory section that offers rich investment advice from our highly qualified, in-house Research Bureau, the only such team in the Indian newspaper industry.

A little help from you can make a huge difference to the cause of quality journalism!

Support Quality Journalism
This article is closed for comments.
Please Email the Editor
You have read 1 out of 3 free articles for this week. For full access, please subscribe and get unlimited access to all sections.