Avantha group firm Ballarpur Industries today said its subsidiaries have raised term loan of Rs 350 crore from various financial institutions to meet working capital requirements.
In a BSE filing, the company said BILT Graphic Paper Products India and Ballarpur Paper Holdings BV have raised a term loan of Rs 200 crore and Rs 150 crore, respectively, to meet their working capital requirements.
BILT Graphic Paper Products India and Ballarpur Paper Holdings BV are step down subsidiaries of Ballarpur Industries.
Ballarpur Paper Holdings BV said it raised Rs 150 crore for its subsidiary, Sabah Forest Industries Sdn Bhd to meet its working capital requirements.
The company had earlier said it is in advanced negotiations with financial institutions and investors for debt and equity funding to address its upcoming debt repayments.
Rating agency Fitch on March 20 downgraded the ratings on BILT and its arm "to C from CCC", citing worsening liquidity situation and curbing of operations of the company due to inadequate working capital.
For the third quarter ended December 2016, BILT had reported a net loss of Rs 327.5 crore. Its net sales were also down at Rs 347.56 crore, from Rs 1,066.06 crore previously.
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