According to a report tabled by a leading business news portal, the deal will be for around $350 million. This will be a yet another effort to deleverage the BILT balance sheet.
BILT for some time is in talks with Nine dragons and the discussion is likely to lead to a binding agreement soon, as per the news report. BILT is one India’s largest manufacturer of writing and printing paper.
In a first significant overseas acquisition by an Indian paper company, BILT had acquired Sabah for almost $261 million. The latter company also makes paper-related products and offers wood-related products such as rough and chemically treated sawn timber and panel-based products which include, raw plywood and dried veneer, said the news report.
Ballarpur Industries Ltd ended at Rs 19.75, up by Rs 0.05 or 0.25% from its previous closing of Rs 19.7 on the BSE.
The scrip opened at Rs 20.15 and touched a high and low of Rs 20.5 and Rs 19.7 respectively. A total of 3824286(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs 1294.61 crore.
The BSE group 'B' stock of face value Rs 2 touched a 52 week high of Rs 21.05 on 28-Mar-2017 and a 52 week low of Rs 12.87 on 15-Sep-2016. Last one week high and low of the scrip stood at Rs 20.6 and Rs 18.9 respectively.
The promoters holding in the company stood at 49.43 % while Institutions and Non-Institutions held 22.21 % and 28.36 % respectively.
The stock traded above its 50 DMA.