BALLARPUR INDUSTRIES LTD. - Updates

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BALLARPUR INDUSTRIES LTD. - Updates

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24 Sep 2015
With reference to the earlier letter dated July 10, 2015 wherein the Company had, interalia, informed that Board had discussed and approved a binding offer for disinvestment of entire equity stake of 98.08% in its step down subsidiary, Sabah Forest Industries Sdn. Bhd., Malaysia (SFI), subject to regulatory approvals of the Government of Malaysia, satisfactory bankers due diligence of prospective buyer and entering into definite Agreements with the prospective buyer.<BR><BR>Ballarpur Industries Ltd has now informed BSE that Ballarpur Paper Holdings B.V., a step down subsidiary of the Company and holding company of SFI (BPH), has signed a Share Sale Agreement (SSA) with M/s. Pandawa Sakti (Sabah) Sdn. Bhd., Malaysia (Purchaser), a subsidiary of Pandawa Sakti Sdn. Bhd. Malaysia and Pandawa Sakti Sdn. Bhd. (Guarantor) for sale of its entire equity stake of 98.08% in SFI, at SFIs Enterprise Value of USD 500.00 million on a cash free debt free basis, subject to necessary adjustment as on the date of closing relating to debt, working capital, currency fluctuation and cash & cash equivalents. The completion of transaction is subject to necessary regulatory approvals of the Government of Malaysia, SFI lenders and completion of certain obligations by the Purchaser, as per SSA. Significant part of the consideration is proposed to be used for debt reduction at the level of SFI, Bilt Paper B.V. and Bilt Graphic Paper Products Ltd.<BR><BR>Completion is expected to take place within 3 months from the date of signing.
View all announcements for BALLARPUR INDUSTRIES LTD.	Source: BSE India

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