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Business News/ Companies / IFC, Ballarpur sign agreement for $100 million equity investment
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IFC, Ballarpur sign agreement for $100 million equity investment

IFC will hold a stake of 14.29% in Ballarpur's step down subsidiary Bilt Paper after the transaction is completed

Bilt Paper is also looking at listing its shares at an overseas stock exchange, Ballarpur Industries said in the filing. Premium
Bilt Paper is also looking at listing its shares at an overseas stock exchange, Ballarpur Industries said in the filing.

Mumbai: Ballarpur Industries Ltd’s step down subsidiary Bilt Paper BV has entered into a definitive agreement with International Finance Corp. (IFC) for the sale of new shares worth $100 million, Ballarpur said in a filing to BSE on Monday.

A step down subsidiary means subsidiary company of a company that is subsidiary of another company.

IFC will hold a stake of 14.29% in Bilt Paper after the transaction is completed. The deal values Bilt Paper at $600 million.

On 27 June, Ballarpur had told stock exchanges 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, the company said in the filing.

IFC has invested $900 million in India so far this year across 18 deals. The investments have already exceeded the $820 million committed in 2013.

“As an active investor in India, IFC evaluates all key opportunities in line with our strategy. Investments are a function of finding the right opportunities, and where IFC can play an important development role with appropriate impact and financial returns. We have been and continue to be long-term investors in India," said Nupur Garg, regional lead, private equity funds, IFC.

India is the biggest investment destination for IFC. Its India portfolio stood at $4.5 billion at the end of 30 June 2013, according to the IFC website.

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ABOUT THE AUTHOR
Swaraj Singh Dhanjal
" Based in Mumbai, Swaraj Singh Dhanjal is responsible for Mint’s corporate news coverage. For the past eight years he has been writing on the biggest deals in private equity, venture capital, IPO market and corporate mergers and acquisitions. An engineer and an MBA, he started his journalism career in 2014 with Mint. "
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Published: 06 Oct 2014, 01:22 PM IST
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