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BALLARPUR INDUSTRIES LTD. - Updates
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25 May 2016
With reference to the earlier letter dated April 04, 2016 for sale of entire equity stake of 98.08% in Sabah Forest Industries Sdn. Bhd., Malaysia (SFI) by Ballarpur Paper Holdings B.V. (BPH), a step down subsidiary of the Company and holding Company of SFI to M/s Pandawa Sakti (Sabah) Sdn. Bhd., Malaysia (Buyer) pursuant to the Share Sale Agreement, &lt;BR&gt;Ballarpur Industries Ltd &lt;BR&gt;has now informed BSE that:&lt;BR&gt;&lt;BR&gt;1. The Buyer will pay BPH USD 50.0 Million as an advance by June 03, 2016 and pay the balance equity consideration to acquire 50% equity of SFI by June 30, 2016.&lt;BR&gt;&lt;BR&gt;2. The Buyer is in the process of furnishing us a Guarantee for USD 17.5 Million as an additional security by May 31, 2016, in addition to existing Guarantees for USD 32.5 Million (in favour of BPH continue to be valid) making the total Guarantees amount to USD 50.0 Million.&lt;BR&gt;&lt;BR&gt;3. Based on the above and other formalities to be completed by the Buyer for acquisition of 50% equity of SFI, he has requested for an extension of the Long Stop Date (LSD) upto June 30, 2016.&lt;BR&gt;&lt;BR&gt;In view of the aforesaid progress, the LSD for sale of SFI equity stake has been extended upto June 30, 2016.
View all announcements for BALLARPUR INDUSTRIES LTD. Source: BSE India