Ballarpur Industries today said it has raised Rs 300 crore through share sale and issue of bonds to a promoter group-- BILT Paper Holdings Ltd-- on preferential basis.
The committee of directors of borrowing has alloted 4.5 crore shares at Rs 30 per share, aggregating to Rs 135 crore and 5.5 crore bonds at Rs 30, totalling to Rs 165 crore, Ballarpur Industries said in a filing to the Bombay Stock Exchange.
The securities under the preferential offer would be subject to lock-in for a period of three years from the date of allotment, the filing added.
The company also alloted 5.5 crore zero coupon compulsory convertible bonds. The bonds would be convertible into the same amount of equity sares of the face value of Rs 2 each of the company, at the option of the promoter anytime within 18 months from the date of allotment.
