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Shares of Ballarpur Industries (BILT) have rallied 6% to Rs 15.40 on the National Stock Exchange (NSE) after the board of directors of the company approved a binding offer for divestment of its entire equity stake of 98.08% in its step-down subsidiary Sabah Forest Industries in Malaysia.
''The divestment of its entire equity stake is subject to regulatory approvals of the Government of Malaysia and satisfactory financing bankers due diligence of the prospective buyer,'' BILT said in a statement.
The stock opened at Rs 15 and touched a high of Rs 15.70 on the NSE so far. A combined 4.66 million shares changed hands on the NSE and BSE till 0942 hours.
''The divestment of its entire equity stake is subject to regulatory approvals of the Government of Malaysia and satisfactory financing bankers due diligence of the prospective buyer,'' BILT said in a statement.
The stock opened at Rs 15 and touched a high of Rs 15.70 on the NSE so far. A combined 4.66 million shares changed hands on the NSE and BSE till 0942 hours.
