Bilt Paper Plc to list in London Stock Exchange
Paper Recycling | 2011-03-23 02:18:44
Bilt Paper Plc, overseas subsidiary of Ballarpur Industries, India's largest paper producer is planning to list at the London Stock Exchange
By Paul Ploumis
NEW DELHI (Scrap Monster): Bilt Paper Plc, overseas subsidiary of Ballarpur Industries, India’s largest paper producer is planning to list at the London Stock Exchange. The company hopes to raise $330 million in order to fund expansion and reduce debt as a part of this.
Avantha Group's flagship paper company Bilt owns 79.5% in Bilt Paper Plc with the rest held by Singapore's sovereign wealth fund GIC and JP Morgan who invested around $175 million for the 20.5% stake in January 2008. Bilt said the two financial investors may sell part of their holding during the sale of shares in London.
The company will dilute at least 25% equity according to the minimum public issue requirement. Bilt Paper Plc houses the group's commodity paper and pulp business as also the Malaysian operations that the group acquired in March 2007.
Bilt said it anticipates that Bilt Paper Plc will enter the FTSE 250 and FTSE All-Share Indices and is expected to be eligible for entry to the FTSE UK index series post its listing on the London Stock Exchange. Bilt shares rose 5.13% to close at Rs 32.8 at BSE in a strong Mumbai market on Tuesday, Economic Times reports.
