Ballarpur Industries plans to list one if its subsidiaries on the main market of the London Stock Exchange.
According to a stock exchange announcement, a new holding company of Ballarpur International Graphic Paper Holdings BV (BIGPH) is proposed to be incorporated in the United Kingdom and the same is planned to be listed on the main market of LSE.
Ballarpur Industries' wholly owned subsidiary Ballarpur International Holdings BV holds 79.53 per cent stake in BIGPH and the balance 20.47 per cent stake is held by two private equity investors - JPMorgan Mauritius Holdings VII Ltd and Lathe Investments PTE Ltd (a wholly owned subsidiary of GIC of Singapore).
The proposed listing (IPO) is planned by way of an offer of new and existing shares and the proceeds from the issue of new shares shall be used for capital expenditure to fund expansion of existing & planned operations and debt reduction, added the release.
The board of directors of Ballarpur Industries, at its meeting held on October 29, 2010 has approved to take appropriate decisions, including IPO size and issue, valuation in due course of time. The listed entity will continue to be a step down subsidiary of the Ballarpur Industries.
